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Sample records for market share index

  1. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  2. Active Market Share: measuring competitiveness in retail energy markets

    International Nuclear Information System (INIS)

    Loomis, D.; Malm, E.

    1999-01-01

    As retail electric and gas markets deregulate, market share measurement becomes critical for marketers, regulators, and incumbent utilities. Yet traditional market share measures miss important features of these network industries. In this paper we model provider choice in network industries and develop two alternate market share measures - The Active Market Share (AMS) and the New Mover Market Share (NMMS), that are based on 'active demand'. These measures are shown to provide more accurate real-time measures of market activity. The NMMS is a special case of the AMS which is easy to measure empirically. Numerical simulations are used to provide comparisons between each measure over time. Both the AMS and NMMS will be important tools for anyone interested in measuring the competitiveness of deregulating markets. (author)

  3. Modeling Dynamic Effects of the Marketing Mix on Market Shares

    NARCIS (Netherlands)

    D. Fok (Dennis); R. Paap (Richard); Ph.H.B.F. Franses (Philip Hans)

    2003-01-01

    textabstractTo comprehend the competitive structure of a market, it is important to understand the short-run and long-run effects of the marketing mix on market shares. A useful model to link market shares with marketing-mix variables, like price and promotion, is the market share attraction model.

  4. [What determines the market shares of the health funds in Israeli localities?].

    Science.gov (United States)

    Shmueli, Amir; Engelcin-Nissan, Esti

    2011-08-01

    Four health funds operate nationally in Israel, but their local market shares vary dramatically across localities. To identify the main localities' characteristics which affect the size of the market shares of the various health funds. A total of 60 Localities with more than 20,000 inhabitants were chosen. The following Localities' characteristics were retrieved for the year 2004: the market shares of the four health funds, average income, standardized mortality ratio (SMR), periphery index, the age structure, the distance from the nearest general hospital, the share of Arab population, and size. Four market share equations were estimated using SURE (seemingly unrelated regressions estimation), allowing for inter-equation correlations. The results show that the market shares of the different health funds are affected by different factors. Clalit Health Services' (CHS) share increases with the distance from Tel Aviv and SMR, and decreases with the level of mean income and the distance from the nearest CHS hospital. Leumit's market share increases only with the distance from a CHS's hospital. The market share of Maccabi Healthcare Services is higher in central localities, Jewish localities, small cities and further away from a non-CHS hospital. Meuhedet's market share is higher in big cities, rich and healthy localities, and in Localities which are further away from CHS's hospitals. These findings indicate that the presence of the health funds in different Localities varies according to the Localities' characteristics. There appears to be a market segmentation and "specialization" of certain health funds in specific populations, and of the other health funds in the rest of the population.

  5. Strategic Market Entry Factors and Market Share Achievement in Japan

    OpenAIRE

    Adrian B Ryans

    1988-01-01

    In developing entry marketing strategies for new product markets companies might be advised to target product markets where significant market shares are likely to be achieved. The literature on market share change is reviewed to identify situational and marketing strategy factors associated with market share achievement. Certain hypotheses suggested by this and related literatures were then tested using a database of products introduced into the Japanese market. The results of this analysis ...

  6. GLOBALIZATION IMPACT ON UKRAINIAN MARKET OF SHARES

    Directory of Open Access Journals (Sweden)

    O. Zotsenko

    2013-05-01

    Full Text Available The paper examines the impact of globalization on the Ukrainian market of shares. Main trends of globalization of world share market are analyzed. The study highlights key elements of the operating share markets of the world leading countries. The research investigates main factors that affect on the level of national market of shares. The findings trace out a number of problems that hinder and distort the role of the Ukrainian share market in capital allocation.

  7. Testing for Unit Roots in Market Shares

    NARCIS (Netherlands)

    Franses, P.H.B.F.; Srinivasan, S.; Boswijk, H.P.

    2001-01-01

    A unique characteristic of marketing data sets is the logical consistency requirement in market share models that market shares are bounded by 0 and 1, and they sum to unity. To take account of this logical consistency requirement, we propose to test for unit roots in individual market share series

  8. The Revealed Competitiveness of Major Ports in the East Asian Region: An Additive Market Share Analysis

    Directory of Open Access Journals (Sweden)

    Tae Seung Kim

    2015-12-01

    Full Text Available In the single cargo market, the ordinary market share analysis method has been the representative tool for revealed competitiveness analysis. This paper develops and employs an applied market share index called the additive market share (AMS. Data are collected from 15 major container ports for the 1998-2013 period. In comparison to the results of an ordinary market share analysis, the highest AMS is observed for the Bohai Rim port cluster from 2008, not for the Yangtze River cluster or the Pearl River cluster. There are substitutable relationships between Yangtze River and non-Chinese ports and between Pearl River and Bohai Rim ports from 2001. Finally, there is an internal competition at Pearl River and Yangtze River ports, whereas Bohai Rim and non-Chinese ports show internally complementary relationships.

  9. Regression Models for Market-Shares

    DEFF Research Database (Denmark)

    Birch, Kristina; Olsen, Jørgen Kai; Tjur, Tue

    2005-01-01

    On the background of a data set of weekly sales and prices for three brands of coffee, this paper discusses various regression models and their relation to the multiplicative competitive-interaction model (the MCI model, see Cooper 1988, 1993) for market-shares. Emphasis is put on the interpretat......On the background of a data set of weekly sales and prices for three brands of coffee, this paper discusses various regression models and their relation to the multiplicative competitive-interaction model (the MCI model, see Cooper 1988, 1993) for market-shares. Emphasis is put...... on the interpretation of the parameters in relation to models for the total sales based on discrete choice models.Key words and phrases. MCI model, discrete choice model, market-shares, price elasitcity, regression model....

  10. Price Leadership and Unequal Market Sharing

    OpenAIRE

    Dijkstra, Peter T.

    2014-01-01

    We consider experimental markets of repeated homogeneous price-setting duopolies. We investigate the effect on collusion of sequential versus simultaneous price setting. We also examine the effect on collusion of changes in the size of each subject's market share in case both subjects set the same price. Our results show that sequential price setting compared with simultaneous price setting facilitates collusion, if subjects have equal market shares or if the follower has the larger market sh...

  11. A note on strategic delegation : The market share case

    NARCIS (Netherlands)

    Jansen, Thijs; van Lier, Arie; van Witteloostuijn, Arjen

    We consider a two-stage market share delegation game with two competing firms. Each owner delegates the production decision to a manager. Each manager's remuneration is a weighted sum of profits and market share. The market share delegation game results in higher duopoly profits than the sales

  12. A fuzzy set preference model for market share analysis

    Science.gov (United States)

    Turksen, I. B.; Willson, Ian A.

    1992-01-01

    Consumer preference models are widely used in new product design, marketing management, pricing, and market segmentation. The success of new products depends on accurate market share prediction and design decisions based on consumer preferences. The vague linguistic nature of consumer preferences and product attributes, combined with the substantial differences between individuals, creates a formidable challenge to marketing models. The most widely used methodology is conjoint analysis. Conjoint models, as currently implemented, represent linguistic preferences as ratio or interval-scaled numbers, use only numeric product attributes, and require aggregation of individuals for estimation purposes. It is not surprising that these models are costly to implement, are inflexible, and have a predictive validity that is not substantially better than chance. This affects the accuracy of market share estimates. A fuzzy set preference model can easily represent linguistic variables either in consumer preferences or product attributes with minimal measurement requirements (ordinal scales), while still estimating overall preferences suitable for market share prediction. This approach results in flexible individual-level conjoint models which can provide more accurate market share estimates from a smaller number of more meaningful consumer ratings. Fuzzy sets can be incorporated within existing preference model structures, such as a linear combination, using the techniques developed for conjoint analysis and market share estimation. The purpose of this article is to develop and fully test a fuzzy set preference model which can represent linguistic variables in individual-level models implemented in parallel with existing conjoint models. The potential improvements in market share prediction and predictive validity can substantially improve management decisions about what to make (product design), for whom to make it (market segmentation), and how much to make (market share

  13. A new index for electricity spot markets

    International Nuclear Information System (INIS)

    Falbo, Paolo; Fattore, Marco; Stefani, Silvana

    2010-01-01

    Different indexes are used in electricity markets worldwide to represent the daily behavior of spot prices. However, the peculiarities of these markets require a careful choice of the index, based on mathematical formulation and its statistical properties. Choosing a bad index may influence the financial policies of market players, since derivative pricing and hedging performance can be deeply affected. In this paper with an initial theoretical analysis, we intend to show that the most widely used indexes (simple arithmetic average and weighted average with current volumes) are poor representatives of the spot market. We will then perform an analysis of the hedging strategy on a derivative instrument (an Asian option) written on a reference index. The resulting simulations, applied to OMEL (Spain) and EEX (Germany), are sufficiently clear cut to suggest that the decision to adopt an index to represent properly a market must be taken very carefully. Finally we will propose a new index (FAST index) and, after comparing it with the previous indexes, will show that both theoretically and practically this index can be taken as a good electricity market synthetic indicator.

  14. An analysis of market shares on the Danish alcohol market using unobserved components

    DEFF Research Database (Denmark)

    Milhøj, Anders

    2009-01-01

    The Danish alcohol market has three types of alcohol: Beer, Wine and Spirits. The market share of wine has doubled over a 25 year period, while the market share of beer has been declining and the market share of spirits is generally low and fluctuating. In recent years the trending behavior has...... however changed, most likely because of changes in taxation on spirits. In the paper these market shares are analyzed by unobserved components models using Proc Ucm as models with time varying trends etc. are well suited for this type of data. In Denmark the relative prices for the three types of alcohol...... have changed radically because of changes in the taxation and hence the relative prices provide good independent variables in regressions. In SAS version 9.2 Proc Ucm has been extended with a Randomreg statement, that allows for the varying regression coefficients. One result is that the effect...

  15. Sharing wind power forecasts in electricity markets: A numerical analysis

    International Nuclear Information System (INIS)

    Exizidis, Lazaros; Kazempour, S. Jalal; Pinson, Pierre; Greve, Zacharie de; Vallée, François

    2016-01-01

    Highlights: • Information sharing among different agents can be beneficial for electricity markets. • System cost decreases by sharing wind power forecasts between different agents. • Market power of wind producer may increase by sharing forecasts with market operator. • Extensive out-of-sample analysis is employed to draw reliable conclusions. - Abstract: In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making more informed day-ahead schedules, which reduces the need for balancing resources in real-time operation. This paper numerically evaluates the potential value of sharing forecasts for the whole system in terms of system cost reduction. Besides, its impact on each market player’s profit is analyzed. The framework of this study is based on a stochastic two-stage market setup and complementarity modeling, which allows us to gain further insights into information sharing impacts.

  16. Market Share, R&D Cooperation, and EU Competition Policy

    OpenAIRE

    Richard Rubble; Bruno Versaevel

    2009-01-01

    Working Paper GATE 2009-10; Current EU policy exempts horizontal R&D agreements from antitrust con- cerns when the combined market shares of participants are low enough. This paper argues that existing theory does not support limiting the exemption to low market shares. This is done by introducing a set of non-innovating outside firms to the standard framework to assess what link might exist between the market share of innovating firms and the product market benefits of cooperation. With R&D out...

  17. Multifractal property of Chinese stock market in the CSI 800 index based on MF-DFA approach

    Science.gov (United States)

    Zhu, Huijian; Zhang, Weiguo

    2018-01-01

    CSI 800 index consists of CSI 500 index and CSI 300 index, aiming to reflect the performance of stocks with large, mid and small size of China A share market. In this paper we analyze the multifractal structure of Chinese stock market in the CSI 800 index based on the multifractal detrended fluctuation analysis (MF-DFA) method. We find that the fluctuation of the closing logarithmic returns have multifractal properties, the shape and width of multifractal spectrum are depended on the weighing order q. More interestingly, we observe a bigger market crash in June-August 2015 than the one in 2008 based on the local Hurst exponents. The result provides important information for further study on dynamic mechanism of return fluctuation and whether it would trigger a new financial crisis.

  18. Price discovery in dual-class shares across multiple markets

    DEFF Research Database (Denmark)

    Fernandes, Marcelo; Scherrer, Cristina

    We extend the standard price discovery analysis to estimate the information share of dual-class shares across domestic and foreign markets. By examining both common and preferred shares, we aim to extract information not only about the fundamental value of the firm, but also about the dual...... the innovations, the standard information share measure depends heavily on the ordering we attribute to prices in the system. To remain agnostic about which are the leading share class and market, one could for instance compute some weighted average information share across all possible orderings...... or trading platform conveys more information about shocks in the fundamental price. As such, our procedure yields a single measure of information share, which is invariant to the ordering of the variables in the system. Simulations of a simple market microstructure model show that our information share...

  19. Model of Market Share Affected by Social Media Reputation

    Science.gov (United States)

    Ishii, Akira; Kawahata, Yasuko; Goto, Ujo

    Proposal of market theory to put the effect of social media into account is presented in this paper. The standard market share model in economics is employed as a market theory and the effect of social media is considered quantitatively using the mathematical model for hit phenomena. Using this model, we can estimate the effect of social media in market share as a simple market model simulation using our proposed method.

  20. The Foreign Investment Risks of Chinese B Share Market

    OpenAIRE

    JIANG, MINCHANG

    2014-01-01

    The objective of this dissertation is to investigate and analyse the risks existing in Chinese B share market for foreign investment. Based on the brief history of B share market as well as background information such as characteristics of Chinese stock exchange, several areas of risks are identified as: macroeconomic risks, stock volatility and return including cross-impacts among market segmentations and different countries’ markets, financial market and currency risks, and finally the poli...

  1. Capital Market Integration and Consumption Risk Sharing over the Long Run

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

    integration. We also calculate the welfare costs of imperfect capital market integration and risk sharing and find that these costs vary a lot over time. Finally, we show that consumption risk sharing is higher during times of crises, i.e. at times when marginal utility is high and risk sharing is most......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...... capital market integration forecasts more consumption risk sharing in the future. This finding is robust is to controlling for trade openness and exchange rate volatilities. Hence, financial integration seems to drive consumption risk sharing whereas we find no evidence that risk sharing forecasts market...

  2. Price Leadership and Unequal Market Sharing : Collusion in Experimental Markets

    NARCIS (Netherlands)

    Dijkstra, Peter T.

    2014-01-01

    We consider experimental markets of repeated homogeneous price-setting duopolies. We investigate the effect on collusion of sequential versus simultaneous price setting. We also examine the effect on collusion of changes in the size of each subject's market share in case both subjects set the same

  3. Volatility forecasting and value-at-risk estimation in emerging markets: the case of the stock market index portfolio in South Africa

    Directory of Open Access Journals (Sweden)

    Lumengo Bonga-Bonga

    2011-04-01

    Full Text Available Accurate modelling of volatility is important as it relates to the forecasting of Value-at-Risk (VaR. The RiskMetrics model to forecast volatility is the benchmark in the financial sector. In an important regulatory innovation, the Basel Committee has proposed the use of an internal method for modelling VaR instead of the strict use of the benchmark model. The aim of this paper is to evaluate the performance of RiskMetrics in comparison to other models of volatility forecasting, such as some family classes of the Generalised Auto Regressive Conditional Heteroscedasticity models, in forecasting the VaR in emerging markets. This paper makes use of the stock market index portfolio, the All-Share Index, as a case study to evaluate the market risk in emerging markets. The paper underlines the importance of asymmetric behaviour for VaR forecasting in emerging markets’ economies.

  4. Mathematical Formulation of Relationship between Applied Marketing Effort and Potential Ability of Determining Market Share

    Directory of Open Access Journals (Sweden)

    Mokhtar M. Metwally

    2008-01-01

    Full Text Available The aim of this paper is to formulate the mathematical relationship between firms potential ability and their applied efforts to attract the body of unattached customers. A method is devised in this paper by which management techniques imposed by a particular firm can evaluate its market share. This paper demonstrates the relationship between the applied marketing effort of management and the potential ability of the firm in determining its market share. This paper also investigates the effect of a number of simultaneous marketing impulses on the movement of the body of unattached customers and hence on the size of the market share.

  5. Promotional Strategy Impacts on Organizational Market Share and Profitability

    Directory of Open Access Journals (Sweden)

    Adesoga Dada Adefulu

    2015-12-01

    Full Text Available The paper examined promotional strategy impacts on market share and profitability in Coca-Cola and 7up companies in Lagos State, Nigeria. Survey research method was adopted. The study population was the staff in marketing positions in the selected companies. Questionnaire was administered on the samples from Coca-Cola and 7UP companies. The statistical tool employed was the univariate analysis of variance (ANOVA to determine the statistical significance and the extent to which promotional strategy brings about variation in market share and profitability in the selected companies The study revealed the need for a better understanding of the organizational factors that determine the commitment of organizational resources to drive the achievement of marketing goals. In addition, promotional strategy measured by advertising, publicity and sales promotion affected market share and profitability at different percentage rates while Personal selling did not .The study concluded that promotional strategy suitable to a business caused variations in market share and profitability. Managers concerned about maintaining competitive edge in the market may find it appropriate to begin by examining promotional strategy adoption. Suggestions are also made for further research and study limitations are denoted. Researchers are encouraged to devote efforts to identifying what variables may modify the nature of relationship?

  6. Impulse-response analysis of the market share attraction model

    NARCIS (Netherlands)

    D. Fok (Dennis); Ph.H.B.F. Franses (Philip Hans)

    1999-01-01

    textabstractWe propose a simulation-based technique to calculate impulse-response functions and their confidence intervals in a market share attraction model [MCI]. As an MCI model implies a reduced form model for the logs of relative market shares, simulation techniques have to be used to obtain

  7. Sharing wind power forecasts in electricity markets: A numerical analysis

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Pinson, Pierre; Kazempour, Jalal

    2016-01-01

    In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day......-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding...... flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making...

  8. Capital Market Integration and Consumption Risk Sharing over the Long Run

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

    2016-01-01

    capital market integration forecasts more consumption risk sharing in the future. This finding is robust to controlling for trade openness and exchange rate volatility as alternative drivers of risk sharing. Finally, we calculate the welfare costs of imperfect consumption risk sharing and find......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...

  9. Takeover Deterrent Effect of On-market Share Buyback in Australia

    Directory of Open Access Journals (Sweden)

    Dong Hai Trieu Doan

    2011-12-01

    Full Text Available This study examines whether Australian firms use on-market share buybacks to deter unwanted takeover risk. We found a statistically significant and positive relationship between a firm’s ex-ante takeover probability and its on-market share buyback activities. Our result is robust to alternative modelling techniques, namelyTOBIT and Censored Quantile Regressions. This paper found evidence that in a dividend imputation credit taxation system the yield of share buyback is positively related to dividend payments. However, on-market share buyback activity is closely related to temporary cash flows rather than to permanent operating cash flows. This might indicate that, besides dividend payments, Australian firms take advantage of the financial flexibility that comes with share buybacks to redistribute nonpermanent cash flows to their shareholders.

  10. The Effect of Charter School Legislation on Market Share

    Directory of Open Access Journals (Sweden)

    Simona Kúscová

    2004-11-01

    Full Text Available Many proponents of school choice use the claim of the market’s capability to enhance efficiency and improve performance to call for its expansion. But no markets are perfectly competitive, and the local market for public goods is filled with institutional arrangements that make it differ from the neoclassical ideal. In this paper, we look at a particular institution—the provisions of charter school legislation—and assess how it affects the ability of charter schools to gain market share. Using data from the 36 states that had passed charter legislation by 2000, and controlling for a variety of other factors, we estimate a model of the effects of various provisions in the charter laws on charter school market share. We find that two such provisions, one concerning the sponsorship of charters and another their funding sources, appear to have a strong effect on the market share of charter schools.

  11. Does the market share of generic medicines influence the price level?: a European analysis.

    Science.gov (United States)

    Dylst, Pieter; Simoens, Steven

    2011-10-01

    After the expiry of patents for originator medicines, generic medicines can enter the market, and price competition may occur. This process generates savings to the healthcare payer and to patients, but knowledge about the factors affecting price competition in the pharmaceutical market following patent expiry is still limited. This study aimed to investigate the relationship between the market share of generic medicines and the change of the medicine price level in European off-patent markets. Data on medicine volumes and values for 35 active substances were purchased from IMS Health. Ex-manufacturer prices were used, and the analysis was limited to medicines in immediate-release, oral, solid dosage forms. Countries included were Austria, Belgium, Denmark, Germany, France, Italy, the Netherlands, Spain, Sweden and the UK, which constitute a mix of countries with low and high generic medicines market shares. Data were available from June 2002 until March 2007. Market volume has risen in both high and low generic market share countries (+29.27% and +27.40%, respectively), but the cause of the rise is different for the two markets. In low generic market share countries, the rise was caused by the increased use of generic medicines, while in high market share countries, the rise was driven by the increased use of generic medicines and a shift of use from originator to generic medicines. Market value was substantially decreased in high generic market share countries (-26.6%), while the decrease in low generic market share countries was limited (-0.06%). In high generic market share countries, medicine prices dropped by -43.18% versus -21.56% in low market share countries. The extent to which price competition from generic medicines leads to price reductions appears to vary according to the market share of generic medicines. High generic market share countries have seen a larger decrease in medicine prices than low market share countries.

  12. GWDC Expands High-End Market Share

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ It is a decision of great significance for GWDC to expand high-end market share in order to realize its transformation of development strategy and improve its development quality. As an important step of GWDC to explore high-end market, Oman PDO Project marks the first time that the Chinese petroleum engineering service team cooperates with the transnational petroleum corporations ranking first three in the world.

  13. Novel indexes based on network structure to indicate financial market

    Science.gov (United States)

    Zhong, Tao; Peng, Qinke; Wang, Xiao; Zhang, Jing

    2016-02-01

    There have been various achievements to understand and to analyze the financial market by complex network model. However, current studies analyze the financial network model but seldom present quantified indexes to indicate or forecast the price action of market. In this paper, the stock market is modeled as a dynamic network, in which the vertices refer to listed companies and edges refer to their rank-based correlation based on price series. Characteristics of the network are analyzed and then novel indexes are introduced into market analysis, which are calculated from maximum and fully-connected subnets. The indexes are compared with existing ones and the results confirm that our indexes perform better to indicate the daily trend of market composite index in advance. Via investment simulation, the performance of our indexes is analyzed in detail. The results indicate that the dynamic complex network model could not only serve as a structural description of the financial market, but also work to predict the market and guide investment by indexes.

  14. Forecasting the Electricity Demand and Market Shares in Retail Electricity Market Based on System Dynamics and Markov Chain

    OpenAIRE

    Qingyou Yan; Chao Qin; Mingjian Nie; Le Yang

    2018-01-01

    Due to the deregulation of retail electricity market, consumers can choose retail electric suppliers freely, and market entities are facing fierce competition because of the increasing number of new entrants. Under these circumstances, forecasting the changes in all market entities, when market share stabilized, is important for suppliers making marketing decisions. In this paper, a market share forecasting model was established based on Markov chain, and a system dynamics model was construct...

  15. Econometric Analysis of the Market Share Attraction Model

    NARCIS (Netherlands)

    D. Fok (Dennis); Ph.H.B.F. Franses (Philip Hans); R. Paap (Richard)

    2001-01-01

    textabstractMarket share attraction models are useful tools for analyzing competitive structures. The models can be used to infer cross-effects of marketing-mix variables, but also the own effects can be adequately estimated while conditioning on competitive reactions. Important features of

  16. Market-sharing approach to the world nuclear sales problem

    International Nuclear Information System (INIS)

    Ribicoff, A.A.

    1976-01-01

    The recent decisions by West Germany and France to sell nuclear fuel facilities to Brazil and Pakistan, respectively, mark the first sharp divergence by major industrial nations from long-established U.S. nonproliferation policy. Thus far, the U.S. has been ineffective in seeking to persuade Germany and France not to proceed with them. This indicates a serious weakness in the execution of American nonproliferation policy, which if left uncorrected, could result in the rapid spread of nuclear weapons material and capability around the world. It is clear that complex problems are raised by the concept of market-sharing. A principal advocate, Dr. Lawrence Scheinman from ERDA, says that traditional arguments against market-sharing do not qualify as reasons against the concept. He does identify three basic arguments against market-sharing, which the author discusses in this article, namely: (1) reactor market-sharing is contrary to U.S. anti-cartel policy and in violation of antitrust laws; (2) other nuclear supplier countries would reject a market-sharing arrangement; and (3) the recipient countries of the Third World would view it as a nuclear cartel and refuse to do business with it. The author advocates that at the very least, the U.S. should enter the next round of supplier negotiations prepared to propose multinational arrangements for closing the commercial nuclear fuel cycle and for making all weapons-grade material generated by the fuel cycle unavailable to any nation on a sovereign basis. The U.S. should also make clear that it would view with the gravest concern the continuation of the present export policies of West Germany and France

  17. Stock market index prediction using neural networks

    Science.gov (United States)

    Komo, Darmadi; Chang, Chein-I.; Ko, Hanseok

    1994-03-01

    A neural network approach to stock market index prediction is presented. Actual data of the Wall Street Journal's Dow Jones Industrial Index has been used for a benchmark in our experiments where Radial Basis Function based neural networks have been designed to model these indices over the period from January 1988 to Dec 1992. A notable success has been achieved with the proposed model producing over 90% prediction accuracies observed based on monthly Dow Jones Industrial Index predictions. The model has also captured both moderate and heavy index fluctuations. The experiments conducted in this study demonstrated that the Radial Basis Function neural network represents an excellent candidate to predict stock market index.

  18. A Price Earnings Index for the Danish Stock Market

    DEFF Research Database (Denmark)

    Risager, Ole

    2004-01-01

    Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...

  19. Growth in HMO share of the Medicare market, 1989-1994.

    Science.gov (United States)

    Welch, W P

    1996-01-01

    Between 1989 and 1994 the health maintenance organization (HMO) share of the Medicare market grew rapidly. It is still heavily concentrated geographically, however. The most influential factor in this growth is HMO penetration into an area's general health care market. Medicare payment rates and prior Medicare HMO penetration also have an impact, but their effects are much weaker. Thus, payment rate reform is likely to have only a modest impact on Medicare HMO growth in the short term. In the longer term, the HMO share of the Medicare market will continue to grow, because HMO penetration in the general health care market is growing rapidly.

  20. Portfolio optimization for index tracking modelling in Malaysia stock market

    Science.gov (United States)

    Siew, Lam Weng; Jaaman, Saiful Hafizah; Ismail, Hamizun

    2016-06-01

    Index tracking is an investment strategy in portfolio management which aims to construct an optimal portfolio to generate similar mean return with the stock market index mean return without purchasing all of the stocks that make up the index. The objective of this paper is to construct an optimal portfolio using the optimization model which adopts regression approach in tracking the benchmark stock market index return. In this study, the data consists of weekly price of stocks in Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index from January 2010 until December 2013. The results of this study show that the optimal portfolio is able to track FBMKLCI Index at minimum tracking error of 1.0027% with 0.0290% excess mean return over the mean return of FBMKLCI Index. The significance of this study is to construct the optimal portfolio using optimization model which adopts regression approach in tracking the stock market index without purchasing all index components.

  1. An empirical analysis on the effects of marketing communications on market share adjustment

    Directory of Open Access Journals (Sweden)

    Somayeh Hozouri

    2014-01-01

    Full Text Available During the past few years, there has been growing competition between two primary sources of mobile service providers including Hamrah Aval and Irancell in Iran. The competition is so tight that both service providers have spent significant amount of money on marketing planning. Therefore, it is necessary to find important factors influencing on better marketing planning. This paper presents an investigation to analyze the effects of marketing communications on market share adjustment. The proposed study of this paper has used principle component analysis and it has detected four factors environment issues, marketing organization, market development and relationship oriented.

  2. Defining the relevant market in the sharing economy

    Directory of Open Access Journals (Sweden)

    Francesco Russo

    2016-06-01

    Full Text Available Since the establishment of commercial sharing economy services like Uber, Blablacar, Lyft, Airbnb, TaskRabbit, etc., the debate about the sharing economy and its effects on competition has generated lively discussions, which have too often dangerously departed from a debate based on objective (market observation to evolve into a quarrel among the supporters and opponents of the online platforms. Undoubtedly, the peculiar features of these new firms’ business models create frictions with the traditional regulatory environment, which currently appears to be incapable of framing them into models and schemes typical of a previous economic phase, such as, for example, one-sided markets, no externalities, and competition mainly on price. Nevertheless, setting aside the more or less impromptu debate about the “social goodness” of these firms, we argue that competition enforcers should look at their effective market power. In fact, as the basic principles of competition law teach us, only when those firms have (more or less legitimate significant market power, will they be subject to special responsibilities and to stringent restrictions and obligations. Toward this aim, it is first necessary to define the relevant market. And, immediately afterwards, to delimit firms’ market position. This, in turn, should help to assess their compliance with the competition rules and the obligations that they are – or rather that they should be – subjected to. This exercise is not an easy one because the traditional regulatory concepts and definitions do not seem to reflect the competition dynamics that characterise the new markets on which we are reflecting. In this paper we focus on a number of challenges that are posed by the sharing economy businesses, suggesting that they could be solved with the traditional competition instruments, although adapted to the peculiar features of the markets that are at stake. These include, among others, multi

  3. Impact of Open-Market Share Repurchases on Long-Term Stock Returns

    Directory of Open Access Journals (Sweden)

    Mohamed Albaity

    2016-10-01

    Full Text Available After the Asian financial crisis in 1997, firms listed on Bursa Malaysia were allowed to repurchase their shares on the open market. The number of companies engaged in share buyback is increasing and has become a tool to stabilize price by signaling undervaluation of the share. However, studies on share buyback in Malaysia are limited to the price performance surrounding the buyback events. This study aims to fill this gap by examining long-run price performance after the actual share buyback event over a sampling period of 2 years from 2009 to 2010 for Malaysian firms listed on FTSE Bursa Malaysia. There is no evidence to conclude that there exist long-term abnormal returns using the calendar-time portfolio approach that support the inefficient market hypothesis. On the contrary, buy-and-hold method was found to be significant supporting that the Malaysian stock market is semi-strong efficient.

  4. Determinants of Market Share of For-Profit Hospitals: An Empirical Examination

    Directory of Open Access Journals (Sweden)

    Seungchul Lee

    2017-10-01

    Full Text Available This study estimates the effects of a prospective payment system on the growth of for-profit hospitals. The empirical results show that the proportion of patient care paid for by Medicare managed care has a positive, statistically significant relationship with the market share of for-profit hospitals. Medicare managed care reimburses health care providers prospectively, and a larger portion of prospective reimbursements is received by for-profit hospitals, whose market share consequently increases. In addition, the proportion of patients with Medi-Cal and third party managed care has a positive, statistically significant relationship with the market share of for-profit hospitals.

  5. Does the Change in the Company's Name Affect the Share Price? The Case Study of the Polish Capital Market

    Directory of Open Access Journals (Sweden)

    Roman Asyngier

    2018-05-01

    Full Text Available Aim/purpose - The paper was aimed to find out if abnormal returns occur before and after changes in the names of companies listed on the Warsaw Stock Exchange. Design/methodology/approach - Due to the fact that this was an early stage of the research, an appropriate methodology was used in the research which took into account indexes of relative force of quotations of some selected companies in relation to the wide Warsaw Stock Exchange WIG index. Findings - The research findings proved the existence of positive abnormal returns before the name changes and negative trends after the name changes in companies in the long term. Comparing the average volume of share trading before and after the name changes in companies, no positive effect was noticed in this scope. Research implications/limitations - The clear and unambiguous results appear to be significant for investors while taking investment decisions. Therefore, the conclusions from the findings of the pilot research need to be confirmed and verified in further studies on the problem, with the use of a more advanced methods. Originality/value/contribution - The paper represents one of the few empirical studies on the impact of the name changes of listed companies on the share prices in relation to the emerging markets, and the first ones concerning the Polish share market. The findings of the study may give grounds to discuss and identify practical causes of market behaviors as a result of changes in companies' names.(original abstract

  6. The market share of non-US uranium producers under different US embargo scenarios

    International Nuclear Information System (INIS)

    Franks, W.A.

    1988-01-01

    The imposition of US restrictions on the use of foreign uranium has a potentially far reaching impact. This analysis examines various US import restriction scenarios and their impact on the market both inside and outside the USA. Specifically, the market share that the non-US producers would lose is estimated for a 50% embargo, a 62.5% embargo, and a 100% embargo, with and without the grandfathering of US utilities' foreign contracts. These results are then compared to what the market share would have been in a free market. The increase in the US market share is also briefly discussed. (author)

  7. Determining firms׳ utility functions and competitive roles from data on market shares using Lotka–Volterra models

    Directory of Open Access Journals (Sweden)

    A. Marasco

    2016-06-01

    Full Text Available In this article, we include data on historical and estimated market shares of two markets. In particular, we include annual data on the market shares of the Japanese beer market (1963–2000 and biannual data on the market shares of the mobile phones market in Greece (1998–2007. In addition, we estimate monthly data on market shares for both markets. We show how this data can be used to derive firms’ utility functions and their competitive roles.

  8. Empirical Examination of Fundamental Indexation in the German Market

    Science.gov (United States)

    Mihm, Max; Locarek-Junge, Hermann

    Index Funds, Exchange Traded Funds and Derivatives give investors easy access to well diversified index portfolios. These index-based investment products exhibit low fees, which make them an attractive alternative to actively managed funds. Against this background, a new class of stock indices has been established based on the concept of “Fundamental Indexation”. The selection and weighting of index constituents is conducted by means of fundamental criteria like total assets, book value or number of employees. This paper examines the performance of fundamental indices in the German equity market. For this purpose, a backtest of five fundamental indices is conducted over the last 20 years. Furthermore the index returns are analysed under the assumption of an efficient as well as an inefficient market. Index returns in efficient markets are explained by applying the three factor model for stock returns of Fama and French (J Financ Econ 33(1):3-56, 1993). The results show that the outperformance of fundamental indices is partly due to a higher risk exposure, particularly to companies with a low price to book ratio. By relaxing the assumption of market efficiency, a return drag of capitalisation weighted indices can be deduced. Given a mean-reverting movement of prices, a direct connection between market capitalisation and index weighting leads to inferior returns.

  9. Determining firms' utility functions and competitive roles from data on market shares using Lotka-Volterra models

    NARCIS (Netherlands)

    A. Marasco; A. Picucci; A. Romano (Alessandro)

    2016-01-01

    textabstractIn this article, we include data on historical and estimated market shares of two markets. In particular, we include annual data on the market shares of the Japanese beer market (1963-2000) and biannual data on the market shares of the mobile phones market in Greece (1998-2007). In

  10. Ambulatory surgery center market share and rates of outpatient surgery in the elderly.

    Science.gov (United States)

    Hollenbeck, Brent K; Hollingsworth, John M; Dunn, Rodney L; Zaojun Ye; Birkmeyer, John D

    2010-12-01

    Relative to outpatient surgery in hospital settings, ambulatory surgery centers (ASCs) are more efficient and associated with a lower cost per case. However, these facilities may also spur higher overall procedure utilization and thus lead to greater overall health care costs. The authors used the State Ambulatory Surgery Database from the State of Florida to identify Medicare-aged patients undergoing 4 common ambulatory procedures in 2006, including knee arthroscopy, cystoscopy, cataract removal, and colonoscopy. Hospital service areas (HSAs) were characterized according to ASC market share, that is, the proportion of residents undergoing outpatient surgery in these facilities. The authors then examined relationships between ASC market share and rates of each procedure. Age-adjusted rates of ambulatory surgery ranged from 190.5 cases per 1000 to 320.8 cases per 1000 in HSAs with low and high ASC market shares, respectively (P market share. The greatest difference, both in relative and absolute terms, was observed for patients undergoing cystoscopy. In areas of high ASC market share, the age-adjusted rate of cystoscopy was nearly 3-fold higher than in areas with low ASC market share (34.5 vs 11.9 per 1000 population; P elderly. Whether ASCs are meeting unmet clinical demand or spurring overutilization is not clear.

  11. Determinants of market prices of shares on the capital market of Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Alihodžić Almir

    2017-01-01

    Full Text Available Stock markets are efficient if the prices at any time reflect all publicly available information. Share prices should be adjusted at those points when investors try to take advantage of the new information that was not subject to accounting recognition. The main goal of this paper will be to determine whether the financial statements of a selected group of companies listed on the Sarajevo and Banja Luka Stock Exchange represent a good basis and reflect the market price or simply follow the legal obligations and requirements by regulatory agencies. The paper is based on the regression analysis of dependent and independent variables in the period from 2011 to 2015. The dependent variable will be the closing trading price on the stock exchanges, whereas the independent variables will be: the market price and earnings (PE ratio, earnings per share (EPS, net profit after tax (NP, return on equity (ROE, the market and book value (PB ratio, and the total turnover on the stock exchanges (TR.

  12. Modelling (B, S-Markets, Subject to Aggressive Buying of Shares

    Directory of Open Access Journals (Sweden)

    Elina A. Pilosyan

    2013-01-01

    Full Text Available The article is devoted to modeling (B, S-market with a finite number of aggressive buyers of shares, a theoretical study of such models of markets, have developed an algorithm to calculate the hedging of portfolios of various financial obligations

  13. An Agent-Based Computational Model for China’s Stock Market and Stock Index Futures Market

    Directory of Open Access Journals (Sweden)

    Hai-Chuan Xu

    2014-01-01

    Full Text Available This study presents an agent-based computational cross market model for Chinese equity market structure, which includes both stocks and CSI 300 index futures. In this model, we design several stocks and one index future to simulate this structure. This model allows heterogeneous investors to make investment decisions with restrictions including wealth, market trading mechanism, and risk management. Investors’ demands and order submissions are endogenously determined. Our model successfully reproduces several key features of the Chinese financial markets including spot-futures basis distribution, bid-ask spread distribution, volatility clustering, and long memory in absolute returns. Our model can be applied in cross market risk control, market mechanism design, and arbitrage strategies analysis.

  14. Analysis on the Influence of Stock Index Futures on Chinese Stock Market

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

    As the first product of financial futures in China, CSI 300 Stock Index Futures is a symbol of the continual improvement and development of Chinese capital market system. So it would be bound to generate immeasurable influence on Chinese capital market and financial system. Starting from introducing the relevant summaries of stock index futures, this paper analyzes the influence of the stock index futures on the fluctuation in the international stock market;then, it analyzes influence of the stock index futures on the fluctuation in Chinese stock market, in order to propose some suggestions to the policies for developing Chinese stock index futures.

  15. 17 CFR 160.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-04-01

    ....12 Limits on sharing account number information for marketing purposes. (a) General prohibition on... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Limits on sharing account number information for marketing purposes. 160.12 Section 160.12 Commodity and Securities Exchanges...

  16. O EFEITO DA DISTRIBUIÇÃO SOBRE O MARKET SHARE EM DIFERENTES CANAIS

    Directory of Open Access Journals (Sweden)

    Leandro Angotti Guissoni

    2014-10-01

    Full Text Available Despite the advances in studies on the effects of distribution channel strategies, the relation between distribution and market share is still a little explored topic, especially in emerging markets. For that reason, this paper’s core proposal is to investigate the relation between distribution and market share variables in the Brazilian market, specifically in the beverage sector, comparing two important types of consumer market channels: big and small supermarkets. For such, an empirical study was conducted based on a database with more than 180 stock keeping units (SKUs sold by three manufacturers in the southeast of Brazil. By means of statistical analyses, the results indicate a convex and growing relation among the variables studied. In other words, there is an inflection point at which market share growth is more accentuated because of distribution. Furthermore, the curves that describe these variables show different effects when comparing big and small supermarkets.

  17. Modeling Market Shares of Competing (e)Care Providers

    Science.gov (United States)

    van Ooteghem, Jan; Tesch, Tom; Verbrugge, Sofie; Ackaert, Ann; Colle, Didier; Pickavet, Mario; Demeester, Piet

    In order to address the increasing costs of providing care to the growing group of elderly, efficiency gains through eCare solutions seem an obvious solution. Unfortunately not many techno-economic business models to evaluate the return of these investments are available. The construction of a business case for care for the elderly as they move through different levels of dependency and the effect of introducing an eCare service, is the intended application of the model. The simulation model presented in this paper allows for modeling evolution of market shares of competing care providers. Four tiers are defined, based on the dependency level of the elderly, for which the market shares are determined. The model takes into account available capacity of the different care providers, in- and outflow distribution between tiers and churn between providers within tiers.

  18. ANALYSIS OF THE EFFECT OF MARKET STABILITY FACTORS ON THE CHANGES IN SHARE PRICE

    Directory of Open Access Journals (Sweden)

    Виктор Геннадьевич Семенов

    2013-09-01

    Full Text Available According to fundamental analysis, share price tends to its intrinsic value. An appreciably large body of research has been devoted to foreign stock markets; meanwhile, the Russian stock market has been studied insufficiently. The hypothesis of fundamental analysis of the Russian stock market was tested in this paper. The effect of market stability factors (P/E; P/B; P/CF; P/D on changes in share prices was studied. The data from the financial reports on IFRS – GAAP and the data on share prices of 54 companies over the period of 2003–2013 were used. The results give grounds for claiming that the postulates of fundamental analysis cannot be used for the Russian stock market: the market stability factors do not correlate with the changes in share prices. Next, the possible reasons for this speculative behavior of the Russian stock market were considered. The methods for analyzing the reports and the financial and economic situation in order to determine the company value were proposed in this paper.DOI: http://dx.doi.org/10.12731/2218-7405-2013-9-5

  19. A CDO option market model on standardized CDS index tranches

    DEFF Research Database (Denmark)

    Dorn, Jochen

    We provide a market model which implies a dynamic for standardized CDS index tranche spreads. This model is useful for pricing options on tranches with future Issue Dates as well as for modeling emerging options on struc- tured credit derivatives. With the upcoming regulation of the CDS market...... in perspective, the model presented here is also an attempt to face the e ects on pricing approaches provoked by an eventual Clearing Chamber . It becomes also possible to calibrate Index Tranche Options with bespoke tenors/tranche subordination to market data obtained by more liquid Index Tranche Options...

  20. On the Efficient Market Hypothesis of Stock Market Indexes: The Role of Non-synchronous Trading and Portfolio Effects

    OpenAIRE

    Ortiz, Roberto; Contreras, Mauricio; Villena, Marcelo

    2015-01-01

    In this article, the long-term behavior of the stock market index of the New York Stock Exchange is studied, for the period 1950 to 2013. Specifically, the CRSP Value-Weighted and CRSP Equal-Weighted index are analyzed in terms of market efficiency, using the standard ratio variance test, considering over 1600 one week rolling windows. For the equally weighted index, the null hypothesis of random walk is rejected in the whole period, while for the weighted market value index, the null hypothe...

  1. Study on Market Stability and Price Limit of Chinese Stock Index Futures Market: An Agent-Based Modeling Perspective.

    Science.gov (United States)

    Xiong, Xiong; Nan, Ding; Yang, Yang; Yongjie, Zhang

    2015-01-01

    This paper explores a method of managing the risk of the stock index futures market and the cross-market through analyzing the effectiveness of price limits on the Chinese Stock Index 300 futures market. We adopt a cross-market artificial financial market (include the stock market and the stock index futures market) as a platform on which to simulate the operation of the CSI 300 futures market by changing the settings of price limits. After comparing the market stability under different price limits by appropriate liquidity and volatility indicators, we find that enhancing price limits or removing price limits both play a negative impact on market stability. In contrast, a positive impact exists on market stability if the existing price limit is maintained (increase of limit by10%, down by 10%) or it is broadened to a proper extent. Our study provides reasonable advice for a price limit setting and risk management for CSI 300 futures.

  2. Impact of Open-Market Share Repurchases on Long-Term Stock Returns

    OpenAIRE

    Mohamed Albaity; Diana Syafiza Said

    2016-01-01

    After the Asian financial crisis in 1997, firms listed on Bursa Malaysia were allowed to repurchase their shares on the open market. The number of companies engaged in share buyback is increasing and has become a tool to stabilize price by signaling undervaluation of the share. However, studies on share buyback in Malaysia are limited to the price performance surrounding the buyback events. This study aims to fill this gap by examining long-run price performance after the actual share buyback...

  3. The oil market towards 2030 - can OPEC combine high oil price with high market share

    International Nuclear Information System (INIS)

    Aune, Finn Roar; Glomsroed, Solveig; Lindholt, Lars; Rosendahl, Knut Einar

    2005-01-01

    In this paper we examine within a partial equilibrium model for the oil market whether OPEC can combine high oil prices with a high market share. The oil market model explicitly accounts for reserves, development and production in 4 field categories across 13 regions. Oil companies may invest in new field development or alternatively on improved oil recovery in the decline phase of fields in production. Non-OPEC production is profit-driven, whereas OPEC meets the residual call for OPEC oil at a pre-specified oil price, while maintaining a surplus capacity. The model is run over a range of exogenous oil prices from 15 to 60 $ per barrel. Sustained high oil prices stimulate Non-OPEC production, but its remaining reserves gradually diminish despite new discoveries. Oil demand is only slightly affected by higher prices. Thus, OPEC is able to keep and eventually increase its current market share beyond 2010 even with oil prices around $30 per barrel. In fact, the model simulations indicate that an oil price around $40 is profitable for OPEC, even in the long term. Sensitivity analyses show that the most profitable price level for OPEC is generally above $35 per barrel. Even with several factors working jointly in OPEC's disfavour, the oil price seems to stick to the 30 $ level. Thus, for OPEC there is a trade-off between high prices and high market share in the short to medium term, but not in the long term. For OECD countries, on the other hand, there is a clear trade-off between low oil prices and low import dependence. (Author)

  4. Flight to Liquidity on the Tokyo Stock Exchange during the 2008 Share Market Crashes

    OpenAIRE

    Maeda, Brooke Alexandra

    2015-01-01

    This paper explores the existence of the flight-to-liquidity phenomenon for shares which are traded on the Tokyo Stock Exchange during share market crashes. Using data from the First section of the Tokyo Stock Exchange, the existence of a flight-to-liquidity during the 2008 share market crashes is clearly documented. The Tokyo Stock Exchange differs from other major exchanges as price limit rules restrict the daily price movements of shares. It provides a unique setting to test if a flight-to...

  5. Controlling shareholders and market timing in share issuance

    NARCIS (Netherlands)

    Urzua Infante, F.; Larrain, B.

    2013-01-01

    We examine market timing in the equity issuance of firms controlled by large shareholders using a hand-collected data set of controlling shareholders' ownership stakes in Chile between 1990 and 2009. When a firm issues shares, the controlling shareholder can either maintain or change his ownership

  6. Implications of Market Frictions : Serial Correlations in Indexes on the Emerging Stock Markets in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Joanna Olbrys

    2014-01-01

    Full Text Available Implications of market frictions in the context of serial correlations in indexes on the Central and Eastern European (CEE stock markets have been analysed. Market frictions, such as non-trading effects, bid/ask spreads, other transaction costs, etc., may be detected by direct measurement, or by indirect identification. Direct measurement of frictions is difficult as intraday trading data are unavailable in the case of most of the emerging CEE stock markets. Indirect identification may be conducted by detecting some empirical phenomena. One of them is evidence of serial correlations in indexes, the so-called the Fisher effect. We explore the problem of serial correlations in indexes on the eight CEE stock markets using data samples from each CEE market separately, as well as a "common trading window" approach, which is widely applied in the case of databases with multivariate time series. The evidence is that nonsynchronous trading effect II between markets may substantially disrupt the analysis of index returns on a domestic market. Using a synchronized database, one may erroneously conclude that the Fisher effect does not exist, although it is present. (original abstract

  7. New share index to track progress of environmental industry

    International Nuclear Information System (INIS)

    Edge, Gordon

    1999-01-01

    This article discusses the work of the environmental finance house Imax Capital in persuading investors to invest in environmental industries. The development of the ET-50 Index by Impax Capital Asset Management to track progress of the environmental industry is reported, and the categories of the ET-50 including alternative energy generators and equipment providers, air and water pollution control, soil and site remediation, recycling and waste management, and environmental engineering and consulting are considered. The performance of the ET-50 Index, and the work of Impax and RER in the development of a dedicated renewable energy share index by are discussed

  8. On the evaluation of market power and market dominance-The Nordic electricity market

    International Nuclear Information System (INIS)

    Hellmer, Stefan; Warell, Linda

    2009-01-01

    This paper studies different concentration and dominance measures using structural indexes used to initially screen the competitive situation in a market. The Nordic and Swedish electricity markets are used as the empirical cases. Market concentration issues in the Nordic electricity market in general and in Sweden in particular have been, at least in initial screenings, approached by the Herfindahl-Hirschman Index (HHI). This article uses an alternative measure to HHI, which is based on market shares of the two largest firms in the market. The results shows that only the Swedish wholesale market has a firm that can be regarded as dominant, but only during very short periods. The results from a hypothetical merger between the second and third largest company in the Swedish wholesale market shows that when the dominant position of the largest firm is reduced, by increasing the size of the second largest firm, the threshold value indicates that competition actually will increase (contradicting to the HHI).

  9. Environmental factors influencing fluctuation of share prices on ...

    African Journals Online (AJOL)

    Environmental factors influencing fluctuation of share prices on Nigeria stock exchange market. ... What are these environmental variables that affect the fluctuation of share prices in Nigeria? ... The results show inflation, money supply, total deficits index of industrial production, interest rate and GDP influence stock prices.

  10. Evolution of market shares with repeated purchases and heterogeneous network externalities

    NARCIS (Netherlands)

    M.C.W. Janssen (Maarten); E. Mendys

    2007-01-01

    textabstractWe investigate how market shares change when a new, superior technology exhibiting network externalities is introduced in a market initially dominated by an old technology. This is done under the assumption that consumers are heterogeneous in their valuation of technology quality and

  11. Launching Markets for Stock Index Futures and Options: Case of Korea

    OpenAIRE

    Yu-Kyung Kim

    1998-01-01

    This paper discusses experiences on launching Korea’s first-ever regulated derivatives market, namely stock index futures, on May 3, 1996, and subsequent opening of a stock index options market on July 7, 1997. It illustrates what went on as the Korea Stock Exchange was making a decision on its opening and describes the current status of the derivatives market.

  12. Promotional Strategy Impacts on Organizational Market Share and Profitability

    OpenAIRE

    Adesoga Dada Adefulu

    2015-01-01

    The paper examined promotional strategy impacts on market share and profitability in Coca-Cola and 7up companies in Lagos State, Nigeria. Survey research method was adopted. The study population was the staff in marketing positions in the selected companies. Questionnaire was administered on the samples from Coca-Cola and 7UP companies. The statistical tool employed was the univariate analysis of variance (ANOVA) to determine the statistical significance and the extent to which...

  13. Price discovery in dual-class shares across multiple markets

    DEFF Research Database (Denmark)

    Fernandes, Marcelo; Scherrer, Cristina

    2018-01-01

    data to study price discovery in dual-class Brazilian stocks and their ADRs. We find that the foreign market is at least as informative as the home market and that shocks in the dual-class premium entail a permanent effect in normal times, but transitory in periods of financial distress......This paper proposes a new measure of price discovery that uses the spectral decomposition. The methodology is especially important in the context of large price systems, such as interest rate parities with spot and futures contracts or dual-class shares in multiple markets. We employ high frequency...

  14. Federal R and D Reductions, Market Share, and Aerospace Information Usage

    Science.gov (United States)

    Rocker, JoAnne; Roncaglia, George

    2000-01-01

    Reductions in federally funded research have a rippling effect over the entire aerospace industry. The decline in federal R&D spending in aerospace in recent years coincides with declines in U.S. aerospace market share, One of the lesser-understood factors in the declining U.S. market share may be the differing ways and intensity with which the U.S. and its competitors approach another trend, the increasing availability of large amounts of aerospace research information on the World Wide Web. The U.S. has been a pioneer in making research information available in electronic form, and the international community has long been a heavy consumer of that information. In essence, the U.S. contributes to the research efforts of its competitors, thus contributing to foreign aerospace consortiums efforts to gain market share in the aerospace industry, This may be a cautionary note to the U.S. aerospace industry to consider the use of R&D output in its own development and strategy because the foreign competition is using the U.S. scientific and technical literature.

  15. The impact of the number of retail outlets on the market share of consumer goods' retail brands

    Directory of Open Access Journals (Sweden)

    Vlahović Marko

    2016-01-01

    Full Text Available The paper presents the research results of effects of retail brands of consumer goods on the market share they have in Serbia. In particular, the research includes the impact of the retail format on the growth or decrease in market share. The data were obtained from market retailing research of consumer goods on the Internet and the research carried out by the GFK agency. The study used a statistical method of data processing by the method of descriptive statistics. The survey showed that the Serbian retail market is still underdeveloped, and that the strongest impact on the market share of retail chain stores of consumer goods has the size of the retail network, as well as a strong dominance of traditional trade in comparison to organized one. The retail market in Serbia has a long period of consolidation forthcoming and also taking over such a status that organized trades or TOP 10 retail chains have already had in the most developed countries. The market share of TOP 10 retail chains in Serbia is now at the level slightly bigger than 30%, while those in developed market economies have a market share moving up to 75%.

  16. THE LEGAL STATUS OF THE SHARES TRADED ON RASDAQ MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2015-07-01

    Full Text Available RASDAQ Market was launched in Romania in 1996, appeared as a mirroring of the well-established American market NASDAQ (which stood for National Association of Securities Dealers Automated Quotations. The role designated for RASDAQ was as platform for valuing papers issued in the privatization program in Romania (mass privatization process - MPP. In fact the participating companies to MPP had the legal obligation, under first Romanian Capital Market Law, No 52/1194, to be listed on a stock exchange. Although it attended a US regulatory model, RASDAQ had to adapt to European rules with the accession of Romania to the European Union. The relevant EU rules (i.e., Directive 2004/39/EC on markets in financial instruments – MiFID, about to be replaced by Directive 2014/65/EU – MiFID II provide for only two types of trading systems, i.e. regulated markets and multilateral trading facilities (MTF, while the RASDAQ Market securities fall under none of these two trading systems regulated by MiFID1. After an entire decade of uncertainty concerning the status of the RASDAQ, Romanian legislator settled the situation of shares traded on this market. This regulation means the end for RASDAQ. Law No. 151/2014 provides that the RASDAQ Market is to be closed within twelve months as of the effective date of such law (October 27, 2014. To this end companies listed on the RASDAQ Market will have to opt for listing on a regulated market or on a MTF or for becoming private companies. Such option rests on the hands of shareholders. Going private asks for shareholders’ rights protection so Romanian Financial Supervisory Authority (FSA provides a procedure implementing the right to withdraw from the company of the dissenting shareholders and for computing compensation for their shares (FSA Regulation No. 17/2014.

  17. Shared Solar. Current Landscape, Market Potential, and the Impact of Federal Securities Regulation

    Energy Technology Data Exchange (ETDEWEB)

    Feldman, David [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Brockway, Anna M. [U.S. Department of Energy, Washington, DC (United States); Ulrich, Elaine [U.S. Department of Energy, Washington, DC (United States); Margolis, Robert [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2015-04-07

    This report provides a high-level overview of the current U.S. shared solar landscape, the impact that a given shared solar program’s structure has on requiring federal securities oversight, as well as an estimate of market potential for U.S. shared solar deployment.

  18. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    Directory of Open Access Journals (Sweden)

    Ajayi Ezekiel Oluwole

    2012-12-01

    Full Text Available This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are insider dealings, corporate accounting fraud and share price manipulations affects the capital market and the economy .The study concluded that share prices manipulation actually influences the marketing and economic values of the shares being manipulated. It was recommended that the Nigerian government must put in place strong regulatory measures and punish the entire offender that has been found guilty. It was also recommended that for the market to rebound, stockbrokers that accessed margin facility from banks should be provided with certain percentage of their contributions to the loan as cushion to help them move on with their business.

  19. Shared Solar. Current Landscape, Market Potential, and the Impact of Federal Securities Regulation

    Energy Technology Data Exchange (ETDEWEB)

    Feldman, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brockway, Anna M. [Office of Energy Efficiency and Renewable Energy (EERE), Washington, DC (United States); Ulrich, Elaine [Office of Energy Efficiency and Renewable Energy (EERE), Washington, DC (United States); Margolis, Robert [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-04-01

    This report provides a high-level overview of the current U.S. shared solar landscape and the impact that a given shared solar program’s structure has on requiring federal securities oversight, as well as an estimate of market potential for U.S. shared solar deployment.

  20. Sources of Return in the Index Futures Markets

    Directory of Open Access Journals (Sweden)

    Adam Zaremba

    2011-06-01

    Full Text Available The paper concerns an issue of existence of a risk premium in equity and index futures markets. The paper consists of four parts. The first part describes the basic hypotheses of forward curves in the futures market. In the second section, I formulate 5 hypotheses concerning a risk premium in the equity futures market, its forecastability, and its dependence on a market segment and development stage. The third part includes an empirical study, which confirms the existence of timedependent and partially predictable risk premium. The research was based on the Polish futures market in the years 2000-2010. The last section of the paper discusses potential implications for the financial market practice and indicates areas for further research.

  1. AN ESTIMATION OF CONNECTION BETWEEN INDICATORS OF BRAND AWARENESS/PENETRATION AND MARKET SHARE

    Directory of Open Access Journals (Sweden)

    Grebennikov V. F.

    2015-09-01

    Full Text Available In marketing practice usually are used various indicators for the description of «brand health». Between which and brand market share possibly exist the statistically significant connection. If such connection is found, it is possible data recovery about a market share when it is absent or is incomplete. In the article application for this regression analysis on the basis of actual data on several local markets is described. The results show that such connection exists for all studied indicators. But force of it significantly differs that leads to a conclusion about priority of use for data recovery part of indicators, and refusal of application of others. Also it is necessary to pay attention to existence of specifics of commodity group and the market which significantly influence by sight and regression equation accuracy.

  2. A Conceptual Model of Knowledge Sharing and Market Orientation in the Tourism Sector

    OpenAIRE

    Chien M. Yeh; Han N. Hu; Shu H. Tsai

    2011-01-01

    Problem statement: Marketing scholars have emphasized the importance of market orientation. While a number of studies discover the positive influence of market orientation on a variety of organizations phenomena, the understanding of factors that facilitate market orientation is limited. This study develops a conceptual model in which knowledge sharing is proposed to be the antecedent to three perspectives of market orientation-customer orientation, competitor orientation ...

  3. Analysis on the inbound tourist source market in Jiangxi based on geographic concentration index and market competition status

    Science.gov (United States)

    Yu, Tong; Ye, Yue-li

    2018-05-01

    In accordance with the related data of Statistical Yearbook of Jiangxi (2007—2016), conduct analysis on the development situation of inbound tourist source market in Jiangxi based on geographic concentration index and market competition status. The result shows: when the geographic concentration index of the inbound tourism market in Jiangxi presents an increasing decline trend, the tourism-generating countries of the inbound tourism in Jiangxi are getting more and more disperse, the tourist markets present the diversified feature and the inbound tourism market tends to be stable; besides, the analysis result of the market competition status shows that the inbound tourism development in Jiangxi has transformed from the rapid development to stable development.

  4. Research on Liquidity Risk Evaluation of Chinese A-Shares Market Based on Extension Theory

    Science.gov (United States)

    Bai-Qing, Sun; Peng-Xiang, Liu; Lin, Zhang; Yan-Ge, Li

    This research defines the liquidity risk of stock market in matter-element theory and affair-element theory, establishes the indicator system of the forewarning for liquidity risks,designs the model and the process of early warning using the extension set method, extension dependent function and the comprehensive evaluation model. And the paper studies empirically A-shares market through the data of 1A0001, which prove that the model can better describe liquidity risk of China’s A-share market. At last, it gives the corresponding policy recommendations.

  5. Analisis Market Performance Dengan Pendekatan Capm Dan Appraisal Ratio Serta Pengaruhnya Terhadap Variasi Harga Saham Syariah

    OpenAIRE

    Nur Aisyah, Esy

    2015-01-01

    The success of Jakarta Islamic Index as an index that has the largest market capitalization that is visible from the aggregate value of shares JII significantly compared to the capitalization of all shares diperdagangkan.Namun active in a market, there are always investors who do not agree with the market consensus due to stock market performance is not always walk in the same direction with high market capitalization. For companies that go public stock prices is an indicator of the value Per...

  6. Strategies for Increasing the Market Share of Recycled Products—A Games Theory Approach

    Science.gov (United States)

    Batzias, Dimitris F.; Pollalis, Yannis A.

    2009-08-01

    A methodological framework (including 28 activity stages and 10 decision nodes) has been designed under the form of an algorithmic procedure for the development of strategies for increasing the market share of recycled products within a games theory context. A case example is presented referring to a paper market, where a recycling company (RC) is in competition with a virgin-raw-material-using company (VC). The strategies of the VC, for increasing its market share, are the strengthening of (and advertisement based on) the high quality (VC1), the high reliability (VC2), the combination quality and reliability, putting emphasis on the first component (VC3), the combination quality and reliability, putting emphasis on the second component (VC4). The strategies of the RC, for increasing its market share, are proper advertisement based on the low price of produced recycled paper satisfying minimum quality requirements (RC1), the combination of low price with sensitization of the public as regards environmental and materials-saving issues, putting emphasis on the first component (RC2), the same combination, putting emphasis on the second component (RC3). Analysis of all possible situations for the case example under examination is also presented.

  7. 77 FR 8843 - Acquisition of Items for Which Federal Prison Industries Has a Significant Market Share

    Science.gov (United States)

    2012-02-15

    ... DEPARTMENT OF DEFENSE Defense Acquisition Regulations System Acquisition of Items for Which Federal Prison Industries Has a Significant Market Share AGENCY: Department of Defense (DoD). ACTION... product categories for which the Federal Prison Industries' share of the DoD market is greater than five...

  8. Analytical study of index-coupled herd behavior in financial markets

    Science.gov (United States)

    Berman, Yonatan; Shapira, Yoash; Schwartz, Moshe

    2016-12-01

    Herd behavior in financial markets had been investigated extensively in the past few decades. Scholars have argued that the behavioral tendency of traders and investors to follow the market trend, notably reflected in indices both on short and long time scales, is substantially affecting the overall market behavior. Research has also been devoted to revealing these behaviors and characterizing the market herd behavior. In this paper we present a simple herd behavior model for the dynamics of financial variables by introducing a simple coupling mechanism of stock returns to the index return, deriving analytic expressions for statistical properties of the returns. We found that several important phenomena in the stock market, namely the correlations between stock market returns and the exponential decay of short-term autocorrelations, are derived from our model. These phenomena have been given various explanations and theories, with herd market behavior being one of the leading. We conclude that the coupling mechanism, which essentially encapsulates the herd behavior, indeed creates correlation and autocorrelation. We also show that this introduces a time scale to the system, which is the characteristic time lag between a change in the index and its effect on the return of a stock.

  9. Performance Evaluation and Market Timing: the Skill Index

    Directory of Open Access Journals (Sweden)

    Ney Roberto Otoni de Brito

    2003-01-01

    Full Text Available MERTON (1981 examines the creation of value by fund managers selecting between stocks and fixed income instruments through market timing. HENRIKSON and MERTON (1981 proceed to propose empirical tests of funds and manager performance in market timing. BRITO, BONA and TACIRO (2003 generalize the results of MERTON (1981 and HENRIKSON and MERTON (1981 for actively managed funds with a clearly defined benchmark portfolio. In the generalized context of active portfolio management, this paper proposes a new index – the Skill Index of Brito (SIB – to measure the performance and efficiency in market timing of actively managed funds. The paper proceeds to test the performance and skill of hedge funds in Brazil using the SIB. A representative sample of 32 hedge funds with a window of 90 trading days on October 31, 1999 was obtained. The empirical tests of performance and skill use the interbank borrowing and lending rate as the passive benchmark. The results indicate the significance at the 5% level of the SIB for ten hedge funds in the sample. Among them seven funds also have shown significance at the 1% level. In sum the results indicate a majority of hedge funds with no significant skill in the Brazilian market in the examined period.

  10. The European Financial Market Stress Index

    OpenAIRE

    Shaen Corbet

    2014-01-01

    This research constructs and develops a financial stress index based on European financial markets. The integration of numerous sovereign states has created difficulty identifying stress in any one single financial component, but incorporating twenty-three headline European stress indicators across equities, bonds and currencies, in terms of both spreads and levels offer substantial explanatory benefits. The incorporation of a logistical framework specifically analysing the levels, volatility...

  11. The role of new product development on export market share

    Directory of Open Access Journals (Sweden)

    Naser Azad

    2013-10-01

    Full Text Available There is an ongoing change on customers’ needs on selecting customers’ needs, which may influence requirements on designing products and services as well as export sale and company’s market shares in domestic and international market. In the present study, through descriptive approach with qualitative method and case study, we investigate important key factors influencing on new product development and products’ successive factors at overseas nutritional market. In addition by presenting a new model in accordance with the present condition of the organization we explore the closest product development model and affective factors influencing them. The study investigates 36 factors and extracts six important ones, which influence product development including intelligent information, process research and development, strategy introduced, participation strategy, market survey and differentiation strategy.

  12. 17 CFR 248.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-04-01

    ... account number information for marketing purposes. (a) General prohibition on disclosure of account... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Limits on sharing account number information for marketing purposes. 248.12 Section 248.12 Commodity and Securities Exchanges...

  13. 77 FR 6549 - Acquisition of Items for Which Federal Prison Industries Has a Significant Market Share

    Science.gov (United States)

    2012-02-08

    ... Federal Prison Industries Has a Significant Market Share AGENCY: Department of Defense (DoD). ACTION: Notice. SUMMARY: DoD is issuing this notification to set forth an up-to-date list of product categories for which the Federal Prison Industries' share of the DoD market is greater than five percent. DATES...

  14. 16 CFR 313.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Limits on sharing account number information... REGULATIONS UNDER SPECIFIC ACTS OF CONGRESS PRIVACY OF CONSUMER FINANCIAL INFORMATION Limits on Disclosures § 313.12 Limits on sharing account number information for marketing purposes. (a) General prohibition on...

  15. 12 CFR 40.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Limits on sharing account number information... OF THE TREASURY PRIVACY OF CONSUMER FINANCIAL INFORMATION Limits on Disclosures § 40.12 Limits on sharing account number information for marketing purposes. (a) General prohibition on disclosure of...

  16. The Reporting and Sustainable Business Marketing

    Directory of Open Access Journals (Sweden)

    Ionel Jianu

    2015-12-01

    Full Text Available Companies have to communicate to be noticed on the market, to promote their services and products, and to give assurances that they are a credible partner in the relationship with stakeholders. In this article, starting from the importance of marketing communication in business, an index of sustainability communication was created for the companies listed on the Bucharest Stock Exchange for the period 2008–2009, during the financial crisis, seeking to show the awareness of the difficult moment and the use of communication. Then, based on the relevance of accounting information model, we study the relationship between the index of sustainability communication and the share price, basically its influence on the future performance of the company. The regression analysis emphasizes the positive influence of the index of sustainability communication on the share price.

  17. 12 CFR 216.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Limits on sharing account number information... GOVERNORS OF THE FEDERAL RESERVE SYSTEM PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P) Limits on Disclosures § 216.12 Limits on sharing account number information for marketing purposes. (a) General...

  18. 12 CFR 573.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Limits on sharing account number information..., DEPARTMENT OF THE TREASURY PRIVACY OF CONSUMER FINANCIAL INFORMATION Limits on Disclosures § 573.12 Limits on sharing account number information for marketing purposes. (a) General prohibition on disclosure of...

  19. 12 CFR 332.12 - Limits on sharing account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Limits on sharing account number information... REGULATIONS AND STATEMENTS OF GENERAL POLICY PRIVACY OF CONSUMER FINANCIAL INFORMATION Limits on Disclosures § 332.12 Limits on sharing account number information for marketing purposes. (a) General prohibition on...

  20. Store Impulse Marketing Strategies and Body Mass Index.

    Science.gov (United States)

    Cohen, Deborah A; Collins, Rebecca; Hunter, Gerald; Ghosh-Dastidar, Bonnie; Dubowitz, Tamara

    2015-07-01

    We quantified the use of placement and price reduction marketing strategies in different food retail outlets to identify associations between these strategies and the risk of overweight and obesity among customers. In 2011 we collected dietary and health information from 1372 residents in "food deserts" in Pittsburgh, PA. We audited neighborhood restaurants and food stores (n = 40) including 16 distant food venues at which residents reported shopping. We assessed end-aisle displays, special floor displays, cash register displays, and price reductions for sugar-sweetened beverages (SSBs); foods high in saturated oils, fats, and added sugars; and nutritious foods such as fruits, vegetables, and products with at least 51% whole grains. Supermarkets and superstores had the largest numbers of displays and price reductions for low-nutrient foods. Exposure to displays of SSBs and foods high in saturated oils, fats, and added sugars and price reduction of SSBs was associated with increased body mass index. In-store marketing strategies of low-nutrient foods appear to be risk factors for a higher body mass index among regular shoppers. Future research is needed to confirm the causal role of marketing strategies in obesity.

  1. Store Impulse Marketing Strategies and Body Mass Index

    Science.gov (United States)

    Collins, Rebecca; Hunter, Gerald; Ghosh-Dastidar, Bonnie; Dubowitz, Tamara

    2015-01-01

    Objectives. We quantified the use of placement and price reduction marketing strategies in different food retail outlets to identify associations between these strategies and the risk of overweight and obesity among customers. Methods. In 2011 we collected dietary and health information from 1372 residents in “food deserts” in Pittsburgh, PA. We audited neighborhood restaurants and food stores (n = 40) including 16 distant food venues at which residents reported shopping. We assessed end-aisle displays, special floor displays, cash register displays, and price reductions for sugar-sweetened beverages (SSBs); foods high in saturated oils, fats, and added sugars; and nutritious foods such as fruits, vegetables, and products with at least 51% whole grains. Results. Supermarkets and superstores had the largest numbers of displays and price reductions for low-nutrient foods. Exposure to displays of SSBs and foods high in saturated oils, fats, and added sugars and price reduction of SSBs was associated with increased body mass index. Conclusions. In-store marketing strategies of low-nutrient foods appear to be risk factors for a higher body mass index among regular shoppers. Future research is needed to confirm the causal role of marketing strategies in obesity. PMID:25521881

  2. Spin-off and market share in the Indonesian Islamic banking industry: a difference in difference analysis

    Directory of Open Access Journals (Sweden)

    Al Arif M. Nur Rianto

    2017-12-01

    Full Text Available According to The Act No. 21 of 2008 concerning Islamic Banking in Indonesia, the conventional banks are obligated to spun-off their Islamic business units after achieving a certain set of requirements. The spin-off requirements are: (i reach 50% market share asset of its parents; or (ii 15 years after the implementation of the Islamic Banking Act. This study emphasizes the impact of Islamic banks' spin-off on market share. The method used in this study is a difference in difference analysis. This technique is a quasi-experiment separate into two groups, such as the treatment groups (four spin-offs' banks and control group (two fullfledged Islamic banks. This study used quarterly data from 2005 until 2016. The results show that, first, there is a difference in the Islamic banks' market share between pre- and post-spinoff. Second, there is a difference in the market share of spin-offs' banks between pre- and postspin- off. Third, there are there external factors that can affect the Islamic banks' market share, i.e., inflation rate, interest rate, and economic growth rate. The paper is a useful source of information that may provide relevant guidelines in helping the future development of spin-off activity in Islamic banking industry. The finding could be helpful for policymakers to create a supporting strategy to accelerate the development of Islamic banking industry. This result also could be of use for Islamic banking industries in other countries.

  3. Factors Affecting Relative Changes in U.S. Snack Foods Exports Among Countries: A Constant Market Share Analysis

    OpenAIRE

    Myles, Albert E.; Allen, Albert J.

    2010-01-01

    This study used Constant Market Share (CMS) analysis to examine the competitiveness of U.S. snack food exports in terms of their revealed market shares and market potentials. The CMS analysis suggested that almost 99 percent of the gains in snack food exports were due to growth in world demand and 1.52 percent to the composition of snack food products between 2004 and 2008. Unfortunately, competitiveness of the world snack food market reduced U.S. exports by 1.52 percent during this same period.

  4. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

    This dissertation concentrates on analysis of economic factors affecting Chinese stock market through examining relationship between stock market index and economic factors. Six economic variables are examined: industrial production, money supply 1, money supply 2, exchange rate, long-term government bond yield and real estate total value. Stock market comprises fixed interest stocks and equities shares. In this dissertation, stock market is restricted to equity market. The stock price in thi...

  5. THE DETERMINANTS OF STOCK MARKET INDEX: VAR APPROACH TO TURKISH STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Eşref Savaş Başçı

    2013-01-01

    Full Text Available In this paper, we examined the relationship between ISE 100 Index and a set of four macroeconomic variables using Vector Autoregressive (VAR model. Variables we used in our model are Exchange, Gold, Import, Export and ISE 100 Index. ISE 100 Index is a dependent variable and the others are independent variables. In this study we used 190 observations for the sample period from January, 1996 to October, 2011. All variables have seasonal movements. After seasonal adjustments, all series have had stationary in their first difference. After determining optimal lag order, it was given one standard deviation shock for each series and their response. And in variance decomposition carried out subsequently, it has been determined that especially as of the second default of exchange, it was explained 31% by share indices.

  6. Predicting the Direction of Stock Market Index Movement Using an Optimized Artificial Neural Network Model.

    Directory of Open Access Journals (Sweden)

    Mingyue Qiu

    Full Text Available In the business sector, it has always been a difficult task to predict the exact daily price of the stock market index; hence, there is a great deal of research being conducted regarding the prediction of the direction of stock price index movement. Many factors such as political events, general economic conditions, and traders' expectations may have an influence on the stock market index. There are numerous research studies that use similar indicators to forecast the direction of the stock market index. In this study, we compare two basic types of input variables to predict the direction of the daily stock market index. The main contribution of this study is the ability to predict the direction of the next day's price of the Japanese stock market index by using an optimized artificial neural network (ANN model. To improve the prediction accuracy of the trend of the stock market index in the future, we optimize the ANN model using genetic algorithms (GA. We demonstrate and verify the predictability of stock price direction by using the hybrid GA-ANN model and then compare the performance with prior studies. Empirical results show that the Type 2 input variables can generate a higher forecast accuracy and that it is possible to enhance the performance of the optimized ANN model by selecting input variables appropriately.

  7. Predicting the Direction of Stock Market Index Movement Using an Optimized Artificial Neural Network Model.

    Science.gov (United States)

    Qiu, Mingyue; Song, Yu

    2016-01-01

    In the business sector, it has always been a difficult task to predict the exact daily price of the stock market index; hence, there is a great deal of research being conducted regarding the prediction of the direction of stock price index movement. Many factors such as political events, general economic conditions, and traders' expectations may have an influence on the stock market index. There are numerous research studies that use similar indicators to forecast the direction of the stock market index. In this study, we compare two basic types of input variables to predict the direction of the daily stock market index. The main contribution of this study is the ability to predict the direction of the next day's price of the Japanese stock market index by using an optimized artificial neural network (ANN) model. To improve the prediction accuracy of the trend of the stock market index in the future, we optimize the ANN model using genetic algorithms (GA). We demonstrate and verify the predictability of stock price direction by using the hybrid GA-ANN model and then compare the performance with prior studies. Empirical results show that the Type 2 input variables can generate a higher forecast accuracy and that it is possible to enhance the performance of the optimized ANN model by selecting input variables appropriately.

  8. Author Affiliation Index: A New Approach to Marketing Journal Ranking

    Science.gov (United States)

    Pan, Yue; Chen, Carl R.

    2011-01-01

    Previous research has adopted various methods to assess the relative quality of academic marketing journals. This study, as a replication and extension of Chen and Huang (2007), introduces the Author Affiliation Index (AAI) as an alternative approach to assessing marketing journal quality. The AAI is defined as the ratio of articles authored by…

  9. SPECULATIVE EFFICIENCY OF STOCK INDEX FUTURES MARKETS:AN ANALYSIS ON THE ASEAN MARKETS

    Directory of Open Access Journals (Sweden)

    Normas Awang

    2012-07-01

    Full Text Available The capital markets in emerging economies are undergoing rapid transformationdue to the advancement of technologicalinnovations and globalization of themarketplace. Thus, the risk managementmeasures are extremely importantthroughout the financial system. However,the scarcity of derivative instrumentssuch as futures and options in emergingmarkets, in addition to the failure togenerate liquidity, have made the emerging economies to be left behind in therecent development of the world capital markets. Whilethere are a great numberof earlier studies that analyse the efficiency of futures markets in differentcountries, there is a lack ofresearch that take intoaccount of the speculativeefficiency of futures markets which argues that futures prices are an unbiased forecast of the spot pricesas well as a crucial part offorecasting techniques. Thispaper aims to investigate the speculativeefficiency of stock index futures marketsin the ASEAN markets which comprises ofSingapore, Malaysia and Thailand byemploying an econometric time series dataanalysis ranging from January 2000 toDecember 2010.

  10. The application of the CAPM model on selected shares on the Croatian capital market

    Directory of Open Access Journals (Sweden)

    Zrinka Tolušić

    2014-12-01

    Full Text Available The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well.

  11. Does market integration buffer risk, erode traditional sharing practices and increase inequality? A test among Bolivian forager-farmers.

    Science.gov (United States)

    Gurven, Michael; Jaeggi, Adrian V; von Rueden, Chris; Hooper, Paul L; Kaplan, Hillard

    2015-08-01

    Sharing and exchange are common practices for minimizing food insecurity in rural populations. The advent of markets and monetization in egalitarian indigenous populations presents an alternative means of managing risk, with the potential impact of eroding traditional networks. We test whether market involvement buffers several types of risk and reduces traditional sharing behavior among Tsimane Amerindians of the Bolivian Amazon. Results vary based on type of market integration and scale of analysis (household vs. village), consistent with the notion that local culture and ecology shape risk management strategies. Greater wealth and income were unassociated with the reliance on others for food, or on reciprocity, but wealth was associated with a greater proportion of food given to others (i.e., giving intensity) and a greater number of sharing partners (i.e., sharing breadth). Across villages, greater mean income was negatively associated with reciprocity, but economic inequality was positively associated with giving intensity and sharing breadth. Incipient market integration does not necessarily replace traditional buffering strategies but instead can often enhance social capital.

  12. Trends in market share of leading cigarette brands in the USA: national survey on drug use and health 2002-2013.

    Science.gov (United States)

    Sharma, Anushree; Fix, Brian V; Delnevo, Cristine; Cummings, K Michael; O'Connor, Richard J

    2016-01-29

    The main objective of this study is to examine trends in market share for leading cigarette brands, both before (2002-2008) and after (2009-2013) Food and Drug Administration (FDA) regulation of tobacco products.Design Data come from the annual National Survey on Drug Use and Health from 2002 through 2013. Descriptive statistics, cross tabulations, and logistic regression were employed. Data were weighted to the US population and adjusted for cigarette consumption. Our analysis is restricted to 164,343 current cigarette smokers who were at least 12 years of age or older, had smoked at least one cigarette in the 30 days prior to the survey, and reported a usual cigarette brand at the time of the survey. Over 12 years, 14 brands comprised over 77% of the cigarette market. Marlboro consistently held over 38% of the market. Newport held the second highest market share, and increased from 7.2% in 2002 to 10.9% by 2013. Market share of Pall Mall grew by over 400% (1.7% in 2002 vs 8.9% in 2013), likely aided by the 2009 Federal excise tax increase. No clear associations of changes in market share with the implementation of FDA's regulatory authority over tobacco in 2009 were noted. Tracking market share trends offers clues about brand marketing changing preferences of consumers. Rapidly growing cigarette brands should be monitored to determine if specific marketing practices or design changes are drivers, as these could represent public health concerns. Monitoring trends in cigarette market share could inform regulatory decision-making efforts related to marketing and advertising. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

  13. 12 CFR 716.12 - Limits on sharing of account number information for marketing purposes.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Limits on sharing of account number information... REGULATIONS AFFECTING CREDIT UNIONS PRIVACY OF CONSUMER FINANCIAL INFORMATION Limits on Disclosures § 716.12 Limits on sharing of account number information for marketing purposes. (a) General prohibition on...

  14. The survey and criterion of the compass rose in Chinese A-share market

    Science.gov (United States)

    Tian, Wenzhao; Wang, Yanxiang; Huo, Zhao; Li, Yilin

    2018-02-01

    The compass rose is one of the few "recurring patterns" found in financial markets. In this paper, the compass rose in Chinese A-share market is comprehensively investigated. It is newly discovered that among the 1331 A-shares, which had been listed for more than 15 years by the end of 2015, only about 20 show the compass rose. The outcome of the analysis shows that there exists a threshold of the ratio of the data points on main rays to all data points. Only when this ratio is above the threshold, the compass rose appears. The reasons why such a threshold exists, and its interrelationship with the data frequency and the tick/volatility ratio are analyzed.

  15. Concentration and Competition in the Global Meat Market

    Directory of Open Access Journals (Sweden)

    Bocharova Yuliia G.

    2016-03-01

    Full Text Available The article is aimed at analyzing the condition, development specifics, concentration and competition in the global meat market. Both significance and role of meat in providing the food security has been substantiated. An analysis of the dynamics and structure (both geographical and commodity of production volumes, consumption, exports and imports of meat has been conducted. The major producers, consumers, exporters and importers of meat in the context of globalization have been identified. The country-based features, patterns of consumption and imports of meat have been characterized. On the basis of calculated five indicators of concentration (coefficient of concentration, the Herfindahl-Hirschman index, coefficient of relative concentration, dispersion of logarithms of market shares, index of the maximum share the features of competition in the global market of producers and consumers of meat have been determined.

  16. Oil vulnerability index of oil-importing countries

    International Nuclear Information System (INIS)

    Gupta, Eshita

    2008-01-01

    This paper assesses the relative oil vulnerability of 26 net oil-importing countries for the year 2004 on the basis of various indicators - the ratio of value of oil imports to gross domestic product (GDP), oil consumption per unit of GDP, GDP per capita and oil share in total energy supply, ratio of domestic reserves to oil consumption, exposure to geopolitical oil market concentration risks as measured by net oil import dependence, diversification of supply sources, political risk in oil-supplying countries, and market liquidity. The approach using the principal component technique has been adopted to combine these individual indicators into a composite index of oil vulnerability. Such an index captures the relative sensitivity of various economies towards developments of the international oil market, with a higher index indicating higher vulnerability. The results show that there are considerable differences in the values of individual indicators of oil vulnerability and overall oil vulnerability index among the countries (both inter and intraregional). (author)

  17. Oil vulnerability index of oil-importing countries

    Energy Technology Data Exchange (ETDEWEB)

    Gupta, Eshita [The Energy and Resources Institute, Darbari Seth Block, Habitat Place, New Delhi 110 003 (India)

    2008-03-15

    This paper assesses the relative oil vulnerability of 26 net oil-importing countries for the year 2004 on the basis of various indicators - the ratio of value of oil imports to gross domestic product (GDP), oil consumption per unit of GDP, GDP per capita and oil share in total energy supply, ratio of domestic reserves to oil consumption, exposure to geopolitical oil market concentration risks as measured by net oil import dependence, diversification of supply sources, political risk in oil-supplying countries, and market liquidity. The approach using the principal component technique has been adopted to combine these individual indicators into a composite index of oil vulnerability. Such an index captures the relative sensitivity of various economies towards developments of the international oil market, with a higher index indicating higher vulnerability. The results show that there are considerable differences in the values of individual indicators of oil vulnerability and overall oil vulnerability index among the countries (both inter and intraregional). (author)

  18. Volatility spillover from world oil spot markets to aggregate and electricity stock index returns in Turkey

    International Nuclear Information System (INIS)

    Soytas, Ugur; Oran, Adil

    2011-01-01

    This study examines the inter-temporal links between world oil prices, ISE 100 and ISE electricity index returns unadjusted and adjusted for market effects. The traditional approaches could not detect a causal relationship running from oil returns to any of the stock returns. However, when we examine the causality using Cheung-Ng approach we discover that world oil prices Granger cause electricity index and adjusted electricity index returns in variance, but not the aggregate market index returns. Hence, our results show that the Cheung-Ng procedure with the use of disaggregated stock index returns can uncover new information that went unnoticed with the traditional causality tests using aggregated market indices. (author)

  19. Commercial sector gas cooling technology frontier and market share analysis

    International Nuclear Information System (INIS)

    Pine, G.D.; Mac Donald, J.M.; McLain, H.A.

    1990-01-01

    This paper describes a method, developed for the Gas Research Institute of the United States, that can assist planning for commercial sector natural gas cooling systems R and D. These systems are higher in first cost than conventional electric chillers. Yet, engine-driven chiller designs exist which are currently competitive in U.S. markets typified by high electricity or demand charges. Section II describes a scenario analysis approach used to develop and test the method. Section III defines the technology frontier, a conceptual tool for identifying new designs with sales potential. Section IV describes a discrete choice method for predicting market shares of technologies with sales potential. Section V shows how the method predicts operating parameter, cost, and/or performance goals for technologies without current sales potential (or for enhancing a frontier technology's sales potential). Section VI concludes with an illustrative example for the Chicago office building retrofit market

  20. Beta Coefficient and Market Share: Downloading and Processing Data from DIALOG to LOTUS 1-2-3.

    Science.gov (United States)

    Popovich, Charles J.

    This article briefly describes the topics "beta coefficient"--a measurement of the price volatility of a company's stock in relationship to the overall stock market--and "market share"--an average measurement for the overall stock market based on a specified group of stocks. It then selectively recommends a database (file) on…

  1. Analysis of Changes in Market Shares of Commercial Banks Operating in Turkey Using Computational Intelligence Algorithms

    OpenAIRE

    Amasyali, M. Fatih; Demırhan, Ayse; Bal, Mert

    2014-01-01

    This paper aims to model the change in market share of 30 domestic and foreign banks, which have been operating between the years 1990 and 2009 in Turkey by taking into consideration 20 financial ratios of those banks. Due to the fragile structure of the banking sector in Turkey, this study plays an important role for determining the changes in market share of banks and taking the necessary measures promptly. For this reason, computational intelligence methods have been used in the study. Acc...

  2. A theory of price-fixing/market-sharing rings as applied to OPEC behavior since march 1982

    International Nuclear Information System (INIS)

    Kazushi Uemura

    1992-01-01

    In the past, OPEC has been analyzed as a cartel, but usually without a formal theoretical framework. Don Patinkin's cartel model was occasionally used, but was turned down for being 'too strict' to explain OPEC behavior. One of the most serious short-comings of Patinkin's model is its prediction that high-cost producers would first shut down for the survival of a cartel. In OPEC agreements, it has been seen many times that Saudi Arabia (a low-cost producer) reduced its production for the survival of the cartel. A new and promising cartel theory, A theory of price-fixing/market-sharing rings, has been introduced ('CMT model'). In this paper, it is going to use CMT model's structure and model OPEC's major price-fixing/market-sharing agreements and a period without such an agreement since March, 1982 when OPEC, for the first time in its history, reached a price-fixing/market-sharing agreement. 3 refs., 2 figs., 2 tabs

  3. The shift in US oil demand and its impact on OPEC's market share

    International Nuclear Information System (INIS)

    Jabir, I.

    2001-01-01

    Tremendous political pressure is being exerted on the US government by different political parties to diversify its sources of foreign oil supplies by switching from the reliance on OPEC's oil to that originating from non-OPEC nations. Without a doubt, such a shift would adversely impact the market share of some OPEC members, particularly Saudi Arabia, Venezuela and Nigeria. These countries should therefore consider seriously the negative impact of this scenario and consequently formulate individual or joint production policies aiming at protecting their oil market share. To help OPEC achieve this objective, there is a need to estimate the demand function of US oil imports. This paper proffers an estimate of such a function, taking into account, among other variables, the impact of US Strategic Petroleum Reserve (SPR)

  4. Art investment in South Africa: Portfolio diversification and art market efficiency

    Directory of Open Access Journals (Sweden)

    Ferdi Botha

    2016-09-01

    Full Text Available Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.

  5. The synchronicity between the stock and the stock index via information in market

    Science.gov (United States)

    Gao, Hai-Ling; Li, Jiang-Cheng; Guo, Wei; Mei, Dong-Cheng

    2018-02-01

    The synchronicity between the stock and the stock-index in a market system is investigated. The results show that: (i) the synchronicity between the stock and the stock-index increases with the rising degree of market information capitalized into stock prices in certain range; (ii) the synchronicity decreases for large firm-specific information; (iii) the stock return synchronicity is small compared to the big noise trading, however the variance noise facilitates the synchronization within the tailored realms. These findings may be helpful in understanding the effect of market information on synchronicity, especially for the response of firm-specific information and noise trading to synchronicity.

  6. Hybrid Electricity Markets with Long-Term Risk-Sharing Arrangements: Adapting Market Design to Security of Supply and decarbonization Objectives

    International Nuclear Information System (INIS)

    ROQUES, Fabien; FINON, Dominique

    2017-01-01

    The re-emergence of policy interventionism in electricity markets raises questions as to how market design can best be adapted to meeting the investment challenge associated with security of supply (SoS) and decarbonization objectives. This paper takes an institutionalist approach in terms of modularity of the market design, and reviews the standard historical approach towards competitive markets, in order to analyse the roles and interactions of the initial and additional market 'modules'. We argue that a number of additional modules is required to achieve long-term policy objectives, such as decarbonization and security of supply (SoS). But, in turn, they destabilise the initial modules of the market design, in particular by the entries of renewables. We review the international experience with hybrid market design and draw a number of policy recommendations at to best practices, as well as suggesting ways in which the initial market modules can be improved to prevent inconsistencies with the new modules. The move towards a hybrid market regime, which relies on a combination of planning, long-term risk sharing arrangements and improved markets entrenched in a function of short-term coordination, appears to be unavoidable where decarbonization policies are adopted. (authors)

  7. Audit Firm Size and Market Price Per Share of Quoted Companies in Nigeria

    Directory of Open Access Journals (Sweden)

    Augustine O. Okolie

    2014-05-01

    Full Text Available This study investigates the influence which audit firm size exerts on the market value per share of companies in Nigeria. Based on a sample of 342 companies – year observations from the NSE and applying audit firm size as a measure, comprehensive multivariate analyses were conducted on archival data covering 2006 – 2011. The result showed that audit firm size exerts significant relationship and significantly influences market price per share of the companies in the sample. It is suggested that companies in Nigeria should improve their earnings quality only through sales growth and cost control strategies and present distinct reports on earnings quality. Furthermore, company auditors should issue Integrated Audit Quality Assurance Reports based on earnings quality assessment, statutorily backed by earnings monitoring of companies in Nigeria while regulatory agencies should issue authoritative codes of best practice in Nigeria.

  8. The Efficiency Of Ukraine’s Stock Market

    Directory of Open Access Journals (Sweden)

    Adilya Batroshyna

    2006-03-01

    Full Text Available The article is devoted to the study of the efficiency of Ukraine’s stock market based on the efficient market hypothesis (EMH which assumes that the price of a financial instrument completely reflects all the information about a given asset. Depending on the variety of information, weak, semi-strong and strong forms of market efficiency are applied The testing of market efficiency is based on verifying the hypothesis against actual statistical data. The study uses four statistical methods. The values of the stock index are used as source data, since the index can be interpreted as a hypothetical security (share, the price of which fluctuates all the time. This article demonstrates that Ukraine’s stock market on the whole is a weak form of market efficiency. It explains the specific strategies for a market with a weak form of efficiency and offers recommendations on the continued development of Ukraine’s stock market.

  9. Exchange Rates’ Effect on Spot and Futures Equity Index Markets: A Study on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Ayben Koy

    2017-06-01

    Full Text Available This paper examines the linkages between the foreign exchange rates, spot equity index and equity index futures. The study aims to investi-gate whether there is difference between the spot and futures markets in the scope of relation with the foreign exchange rates’ returns and which leads the other. The relationships are examined by using the vector autoregression (VAR model, impulse-response functions, variance decomposition and Granger Causality tests. The sample of the study consists of US dollar to Turkish Lira rate (USD/TRY, Euro to Turkish Lira rate (EUR/TRY, BIST 30 Index and BIST 30 Index Futures. The data of the study includes the period between January 2011 and December 2014 with daily data range. Our results have evidence that the foreign exchange rate markets in Turkey are driven by the equity market.

  10. Determinants of success in Shared Savings Programs: An analysis of ACO and market characteristics.

    Science.gov (United States)

    Ouayogodé, Mariétou H; Colla, Carrie H; Lewis, Valerie A

    2017-03-01

    Medicare's Accountable Care Organization (ACO) programs introduced shared savings to traditional Medicare, which allow providers who reduce health care costs for their patients to retain a percentage of the savings they generate. To examine ACO and market factors associated with superior financial performance in Medicare ACO programs. We obtained financial performance data from the Centers for Medicare and Medicaid Services (CMS); we derived market-level characteristics from Medicare claims; and we collected ACO characteristics from the National Survey of ACOs for 215 ACOs. We examined the association between ACO financial performance and ACO provider composition, leadership structure, beneficiary characteristics, risk bearing experience, quality and process improvement capabilities, physician performance management, market competition, CMS-assigned financial benchmark, and ACO contract start date. We examined two outcomes from Medicare ACOs' first performance year: savings per Medicare beneficiary and earning shared savings payments (a dichotomous variable). When modeling the ACO ability to save and earn shared savings payments, we estimated positive regression coefficients for a greater proportion of primary care providers in the ACO, more practicing physicians on the governing board, physician leadership, active engagement in reducing hospital re-admissions, a greater proportion of disabled Medicare beneficiaries assigned to the ACO, financial incentives offered to physicians, a larger financial benchmark, and greater ACO market penetration. No characteristic of organizational structure was significantly associated with both outcomes of savings per beneficiary and likelihood of achieving shared savings. ACO prior experience with risk-bearing contracts was positively correlated with savings and significantly increased the likelihood of receiving shared savings payments. In the first year, performance is quite heterogeneous, yet organizational structure does not

  11. Constructing a Sophistication Index as a Method of Market ...

    African Journals Online (AJOL)

    This study investigates the process of index construction as a means of measuring a hypothetical construct that can typically not be measured by a single question or item and applying it as a method of market segmentation. The availability of incidental secondary data provided a relevant quantitative basis to illustrate this ...

  12. Shared Solar: Current Landscape, Market Potential, and the Impact of Federal Securities Regulation; NREL (National Renewable Energy Laboratory)

    Energy Technology Data Exchange (ETDEWEB)

    None

    2015-05-27

    This presentation provides a high-level overview of the current U.S. shared solar landscape, the impact that a given shared solar program's structure has on requiring federal securities oversight, as well as an estimate of market potential for U.S. shared solar deployment.

  13. The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Seyed Mohamad Fahimi

    2017-11-01

    Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

  14. Reducing the market impact of large shares of intermittent energy in Denmark

    DEFF Research Database (Denmark)

    Jacobsen, Henrik; Zvingilaite, Erika

    2010-01-01

    The increasing prevalence of renewable and intermittent energy sources in the electricity system is creating new challenges for the interaction of the system. In Denmark, high renewable shares have been achieved without great difficulty, mainly due to the flexibility of the nearby Nordic hydro......-power dominated system. Further increases in the share of renewable energy sources require that additional options are considered to facilitate integration with the lowest possible cost. With large shares of intermittent energy, the impact can be observed on wholesale prices, giving both lower prices and higher...... and the attractiveness of additional interconnection capacity. This paper also analyses options for increasing the flexibility of heat generation involving large and decentralized CHP plants and heat generation based on electricity. The incentives that the market provides for shifting demand and using electricity...

  15. Tax Incentive, Public Share Proportion, and Firm Performance: Evidence from Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Vierly Ananta Upa

    2012-01-01

    Full Text Available Indonesian government has changed the taxation law in 2007. The regulation revealed thatcompanies listed on capital market can obtain reduced income tax rate by 5 percent. Decrease inincome tax rates is granted to domestic corporate taxpayers listed on capital market that have publicownership over 40 percent of the total paid shares and the shares owned by at least 300 parties. Thepurpose of this research is to analyze the effectiveness of government regulation (PP No. 81 of 2007.This research used companies listed on Indonesia Stock Exchange (IDX which have right offeringin 2009-2010 as a sample. Sample selection is performed based on purposive sampling method. Theresult indicates that government regulation related to tax incentives, which was aimed to increasethe proportion of public ownership, is still less effective. In addition, this study also showed that theproportion of public ownership has no significant effect on firm performance

  16. Modifiable environmental influences on body mass index shared by young adult brothers

    DEFF Research Database (Denmark)

    Rokholm, B; Silventoinen, K; Tynelius, P

    2013-01-01

    Twin and adoption studies suggest that family environment has little, if any, influence on body mass index (BMI) in adulthood. We investigated the hypothesis that the differences in the years of birth between siblings influence their similarity in BMI at comparable ages, which would give evidence...... for a possibly modifiable influence of the environment shared by family members....

  17. Jones index, secret sharing and total quantum dimension

    Science.gov (United States)

    Fiedler, Leander; Naaijkens, Pieter; Osborne, Tobias J.

    2017-02-01

    We study the total quantum dimension in the thermodynamic limit of topologically ordered systems. In particular, using the anyons (or superselection sectors) of such models, we define a secret sharing scheme, storing information invisible to a malicious party, and argue that the total quantum dimension quantifies how well we can perform this task. We then argue that this can be made mathematically rigorous using the index theory of subfactors, originally due to Jones and later extended by Kosaki and Longo. This theory provides us with a ‘relative entropy’ of two von Neumann algebras and a quantum channel, and we argue how these can be used to quantify how much classical information two parties can hide form an adversary. We also review the total quantum dimension in finite systems, in particular how it relates to topological entanglement entropy. It is known that the latter also has an interpretation in terms of secret sharing schemes, although this is shown by completely different methods from ours. Our work provides a different and independent take on this, which at the same time is completely mathematically rigorous. This complementary point of view might be beneficial, for example, when studying the stability of the total quantum dimension when the system is perturbed.

  18. Customer Satisfaction Index – as a Base for Strategic Marketing Management

    Directory of Open Access Journals (Sweden)

    Karolina Ilieska

    2013-11-01

    Full Text Available Customer satisfaction index -CSI results provide: an economic indicator of the quality of economic output; calculation of the net present value of their company’s customer base as an asset over time; information for strategic business applications; a predictor of consumer spending & corporate earnings. In this paper the focus of research is customer satisfaction index as a base for new strategic marketing management. For this purpose I have carried out a survey on representative samples of Macedonian passenger and research services quality and customer satisfaction index (CSI in the macedonian passenger transport.

  19. Stepping stones to significant market shares for renewables. The European forum for market players and decision makers in the renewable energy industry

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    This invitation to a two-day European Forum for market players and decision makers in the renewable energy business lists the presentations made at the conference in 2007. The programme included contributions in the following areas: Policies and market deployment initiatives, market trends and experience - from support schemes to market experience, opportunities in a changing framework in Switzerland, instruments and infrastructure requirements - how to make the market work and supply and demand aspects of a growing market. The conference examined how renewable forms of energy can gain significant market shares and reach a quota of 50% renewables in 50 years. The first session examined policies and market deployment initiatives, the second market trends and experiences, the third opportunities for Switzerland in a changing framework. The second day featured sessions on instruments and infrastructure requirements as well as on supply and demand aspects in a growing market. The conference was complemented with four workshops.

  20. Stepping stones to significant market shares for renewables. The European forum for market players and decision makers in the renewable energy industry

    International Nuclear Information System (INIS)

    2007-01-01

    This invitation to a two-day European Forum for market players and decision makers in the renewable energy business lists the presentations made at the conference in 2007. The programme included contributions in the following areas: Policies and market deployment initiatives, market trends and experience - from support schemes to market experience, opportunities in a changing framework in Switzerland, instruments and infrastructure requirements - how to make the market work and supply and demand aspects of a growing market. The conference examined how renewable forms of energy can gain significant market shares and reach a quota of 50% renewables in 50 years. The first session examined policies and market deployment initiatives, the second market trends and experiences, the third opportunities for Switzerland in a changing framework. The second day featured sessions on instruments and infrastructure requirements as well as on supply and demand aspects in a growing market. The conference was complemented with four workshops.

  1. INDEXING AND INDEX FUNDS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

    Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

  2. A dataset on tail risk of commodities markets.

    Science.gov (United States)

    Powell, Robert J; Vo, Duc H; Pham, Thach N; Singh, Abhay K

    2017-12-01

    This article contains the datasets related to the research article "The long and short of commodity tails and their relationship to Asian equity markets"(Powell et al., 2017) [1]. The datasets contain the daily prices (and price movements) of 24 different commodities decomposed from the S&P GSCI index and the daily prices (and price movements) of three share market indices including World, Asia, and South East Asia for the period 2004-2015. Then, the dataset is divided into annual periods, showing the worst 5% of price movements for each year. The datasets are convenient to examine the tail risk of different commodities as measured by Conditional Value at Risk (CVaR) as well as their changes over periods. The datasets can also be used to investigate the association between commodity markets and share markets.

  3. Market power analysis for the Iranian electricity market

    International Nuclear Information System (INIS)

    Asgari, Mohammad Hossein; Monsef, Hassan

    2010-01-01

    The market power problem in Iranian electricity market is addressed in this study. This paper by using various structural indices of market power and reviewing market results analyzes the intensity of competition in Iran's electricity market and examines whether this market is functioning at an appropriate level of efficiency. In this article the most well-known indices of market power are calculated in two approaches for two different scenarios (current situation and future outlook of generation sector's ownership in Iran's power industry). Comparing the results of these scenarios promises more competitive market for the second scenario. Calculating Residual Supply Index for Iran's power market shows despite admissible values of concentration ratios, due to supply scarcity during periods when the demand is close to the total available capacity, some suppliers can exercise market power even with a relatively small market share. The most important price and load indices like weighted average prices and load/price duration curves of Iranian electricity market during March 2007-March 2008 are also analyzed in this paper. These results imply the existence of economic withholding. The main limiting factors of competition and significant implemented countermeasures for market power mitigation in Iran's electricity market are also mentioned.

  4. Granger Causality Between The Stock Market Index and Macroeconomic Variables. A Study of Malaysia and Singapore

    OpenAIRE

    Sircar, Shadee Mosaddek

    2009-01-01

    This paper investigates the causal relationships that may be present between the stock market index of developing countries and their macroeconomic variables based on the Vector Error Correction Model (VECM) framework. The countries Malaysia and Singapore are chosen for the purpose of this paper, where FTSE KLCI index and the FTSE STI index are used to represent the stock market performances respectively for each country. The four macroeconomic variables analyzed and used in this paper are Co...

  5. The Brazilian exports of labor-intensive goods in the 2000s: An analysis using the Constant Market Share Method

    Directory of Open Access Journals (Sweden)

    Flávio Benevett Fligenspan

    2015-01-01

    Full Text Available This paper aims at analyzing international trade in labor-intensive sectors in the 2000s, with a special reference to the Brazilian case. Therefore, we use the constant market share analysis to compare several countries’ export performance. It was observed that Asian countries emerged strengthened from this period. Brazil had a mediocre performance, losing market-share in global markets. Moreover, competition from Asian economies and even from the small Central American countries, such as Guatemala and El Salvador, has undermined the penetration of Brazilian exports in its major trade partners, which are North America and South America.

  6. Macroeconomic Determinants of the Stock Market Index and Policy Implications: The Case of a Central European Country

    Directory of Open Access Journals (Sweden)

    Yu HSING

    2011-05-01

    Full Text Available This paper examines the relationship between Hungary’s stock market index and relevant macroeconomic variables. The GARCH model is applied in empirical work. It finds that Hungary’s stock market index has a positive relationship with real GDP, the ratio of the government debt to GDP, the nominal effective exchange rate and the German stock market index, a negative relationship with the real interest rate, the expected inflation rate and the government bond yield in the euro area, and a quadratic relationship with real M2 money supply. It indicates that there is a positive (negative relationship if real M2 money supply is less (greater than the critical value of 9,563 billion forints. If the quadratic relationship is not specified and tested, the positive coefficient of real M2 will be insignificant at the 10% level, and we may reach a misleading conclusion that the stock market index is not affected by real M2.

  7. The Stability of Interbank Market Network: A Perspective on Contagion and Risk Sharing

    Directory of Open Access Journals (Sweden)

    Chi Xie

    2016-01-01

    Full Text Available As an important part of the financial system, interbank market provides banks with liquidity and credit lending and also is the main channel for risk contagion. In this paper, we test the existence of systematic risk contagion within the Chinese interbank market. By building the networks of the Chinese interbank market for each year and using the measure of mutual information, we quantitatively detect the changes of interbank market networks and observe that the correlations between banks become increasingly tighter in recent years. With the bilateral risk exposure among Chinese listed commercial banks, we find that the possibility of systemic risk contagion in Chinese interbank market is fairly small. But of great concern on each individual bank, the matter is different. Our simulation shows that the failures of three special banks (i.e., Agricultural Bank of China and Bank of China and Industrial and Commercial Bank of China most likely lead to systemic risk contagion. Furthermore, we test the antirisk ability of the Chinese interbank market from the perspective of risk sharing and discover that the interbank market is stable when the loss scale is lower than forty percent of banks’ total core capital.

  8. Research on power market technical analysis index system employing high-low matching mechanism

    Science.gov (United States)

    Li, Tao; Wang, Shengyu

    2018-06-01

    The power market trading technical analysis refers to a method that takes the bidding behavior of members in the power market as the research object, sums up some typical market rules and price trends by applying mathematical and logical methods, and finally can effectively assist members in the power market to make more reasonable trading decisions. In this paper, the following four indicators have been proposed: bidding price difference scale, extreme bidding price rate, dispersion of bidding price and monthly transaction satisfaction of electricity trading, which are the core of the index system.

  9. The no-arbitrage efficiency test of the OMX Index option market

    DEFF Research Database (Denmark)

    Hou, Ai Jun; Wiktorsson, Magnus; Zhao, RuiZhi

    2012-01-01

    In this paper, we test the market efficiency of the OMXS30 Index option market. The market efficiency definition is the absence of arbitrage oppor- tunity in the market. We first check the arbitrage opportunity by examining the boundary conditions and the Put-Call-Parity that must be satisfied...... in the market. Then a variance based efficiency test is performed by establish- ing a risk neutral portfolio and re-balance the initial portfolio in different trading strategies. In order to choose the most appropriate model for option price and hedging strategies, we calibrate several most applied models, i.......e. the BS, Merton, Heston, Bates model and Affine Jump Diffusion models. Our results indicate that the AJD model significantly outperforms other models in the option price forecast and the trading strategies. The bound- ary and the PCP test and the dynamic hedging strategy results evidence...

  10. Inefficiency in the market for 'Fine Art': how this market inefficiency promotes 'Art Tourism' in South Africa

    Directory of Open Access Journals (Sweden)

    Peter Baur

    2014-01-01

    Full Text Available The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepers by monopolising the primary market. The choice of art as an investment vehicle is based on a combination of expected return and subjective preference. The reason for investing in 'Fine Art' is more than purely for financial gain. There are other more intrinsic factors that are considered as part of the investor decision-making process. This market for 'Fine Art' can be considered largely inefficient. Exclusivity, high prices, institutional based indexes and the overall lack of information are by far the greatest drivers of this market inefficiency. 'Art' prices are usually set in the primary market for 'Fine Art' through the auction process and the auction process should also typically reflect an efficient way of creating shared value. However, the auction process in the primary art market is not efficient and does not create shared value as would occur in a typical free market structure. The systems employed by the auction process in the primary art market is a strategy in itself, giving the impression that there is shared value, and thus distorting prices while simultaneously stimulating investor confidence. This becomes apparent when the price for 'Fine Art' does not necessarily reflect the 'true' value of the respective 'Fine Art' being sold. Thus investors may take advantage of this situation, by traveling across international borders to purchase what they would consider valuable art. In effect, art tourism is driven by market inefficiency in the 'Fine Art' market.

  11. The Relationship between Market Sentiment Index and Stock Rates of Return: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Claudia Emiko Yoshinaga

    2012-04-01

    Full Text Available This article analyzes the relationship between market sentiment and future stock rates of return. We used amethodology based on principal component analysis to create a sentiment index for the Brazilian market withdata from 1999 to 2008. The sample consisted of companies listed on BM&FBOVESPA which were groupedinto quintiles, each representing a portfolio, according to the magnitude of the following characteristics: marketvalue, total annualized risk and listing time on BM&FBOVESPA. Next, we calculated the average return of eachportfolio for every quarter. The data for the first and last quintiles were analyzed via two-factor ANOVA, usingsentiment index of the previous period (positive or negative as the main factor and each characteristic ascontrolling factors. Finally, the sentiment index was included in a panel data pricing model. The results indicatea significant and negative relationship between the market sentiment index and the future rates of return. Thesefindings suggest the existence of a reversion pattern in stock returns, meaning that after a positive sentimentperiod, the impact on subsequent stock returns is negative, and vice-versa.

  12. Evaluation of Effect of Global Economic Meltdown on Capital Market Performance

    Directory of Open Access Journals (Sweden)

    ONAOLAPO ADEKUNLE RAHMAN

    2013-07-01

    Full Text Available The recent financial crisis that loomed the global economy was considered more inclusive than any other period of financial turmoil in the past 60 years. This paper evaluates the implications of the global economic meltdown on the Nigerian Capital Market Performance using the market capitalization of the Nigerian Stock Exchange as a major indicator. When the global economic meltdown came, it poses a recession on the Market Capitalization and the volume of share index of the Nation. This study depends entirely on secondary data in form of annual aggregate time series data of Market capitalization (dependent variable, exchange rate, interest rate, inflation rate, market share index with Dummy variable to represent the period of economic crisis. Ordinary least square of multiple regressions was used to analyze the data into econometric model while F-statistics was used to test for the formulated hypothesis. This study depicts that the global economic meltdown has a negative effect on the Capital Market Performance. It was therefore recommended that the Federal government and the regulatory agencies (CBN, NSE, SEC etc. should come up with intervention and fiscal policies that will suppress these effects and jumpstart the capital market and that the policies should be properly implemented and monitored.

  13. A study on relationship between market share and cash flow policy

    OpenAIRE

    Somayeh Sadeghi Moghaddam; Fateme Zabihi

    2014-01-01

    This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

  14. The Concentration on the Motor third Party Liability Insurance Market in Romania

    Directory of Open Access Journals (Sweden)

    Florina Oana VIRLANUTA

    2018-05-01

    Full Text Available The current paper proposes an analysis of the Romanian car insurance validity market. The topic is relevant at national and European level, and our analysis will be based on indicators such as gross written premiums, motor claims paid for bodily injuries, motor claims paid for property damage, market share on Motor Insurance market. We will also determine the degree of concentration on this market using Gini Struck Concentration Index.

  15. Index cohesive force analysis reveals that the US market became prone to systemic collapses since 2002.

    Directory of Open Access Journals (Sweden)

    Dror Y Kenett

    Full Text Available BACKGROUND: The 2007-2009 financial crisis, and its fallout, has strongly emphasized the need to define new ways and measures to study and assess the stock market dynamics. METHODOLOGY/PRINCIPAL FINDINGS: The S&P500 dynamics during 4/1999-4/2010 is investigated in terms of the index cohesive force (ICF--the balance between the stock correlations and the partial correlations after subtraction of the index contribution, and the Eigenvalue entropy of the stock correlation matrices. We found a rapid market transition at the end of 2001 from a flexible state of low ICF into a stiff (nonflexible state of high ICF that is prone to market systemic collapses. The stiff state is also marked by strong effect of the market index on the stock-stock correlations as well as bursts of high stock correlations reminiscence of epileptic brain activity. CONCLUSIONS/SIGNIFICANCE: The market dynamical states, stability and transition between economic states was studies using new quantitative measures. Doing so shed new light on the origin and nature of the current crisis. The new approach is likely to be applicable to other classes of complex systems from gene networks to the human brain.

  16. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    OpenAIRE

    Ajayi Ezekiel Oluwole; Omolekan Olushola Joshua

    2012-01-01

    This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are i...

  17. The Role Of Marketing Environment Audit In Marketing Performance Through Index Of Services Marketing Excellence ISME In Bandung Stars Hotel

    Directory of Open Access Journals (Sweden)

    Likewati

    2015-08-01

    Full Text Available Abstract The purpose of this paper is to explain the marketing performance of stars hotel in Bandung city Indonesia through variables marketing environment audit Kotler et.al 1977 in which their effects are mediated through variable services marketing audit known as Index of Services Marketing ExcellenceISME BerryConant and Parasuraman 1991. The Population in this study consist of 73 hotels with various stars i.e 3 star hotels 4 and 5 in the city hotel in Bandung. From this population 30 stars hotels ware collected ramdomly in which 15 of them are 3- stars hotel 11 are 4- stars hotel and 5 are 5- stars hotels. Other than that some informan were interviewed to formed a qualitative aspect of this study one informan from each stars hotel and one from hotel organization in Bandung. To analyzed the quantitative data we used Partial Least Squares using SmartPLS-2 and Maxqda-11 to anlyzed the qualitative data. The results of the study show that the influence of marketing audit services ISME to the hotels marketing performance is not significant both variable in marketing environment audit significanly affect the marketing performance but Macro Environment audit is not significantly affect the ISME whereas task environment audit significantly affect the ISME. Thus there is no indirect effect of Marketing Environment to the marketing Performance. Our finding give a special case of ISME aplication to hotel industry proposed by Berry 1991which is used in services industry in general. The model proposed in this paper related to the work of Wu 2011 in that we use ISME in addition to enviromental variables. Other benefit from this study implied that hotels must conduct a regular evaluation of their marketing activities and strategies comprehensively sistematicaly periodicaly and objectively.

  18. The modes of influence of oil on gas markets - The economy

    International Nuclear Information System (INIS)

    Maisonnier, Guy

    2016-01-01

    This article first indicates how the oil price has influence on some gas markets in the USA, in the UK and in the Asia-Pacific region. The author then focuses on this last region, notably Japan where the LNG market was strongly impacted by the oil price. Many Asian actors now want to reform the gas market in order to avoid such a strong influence. The author discusses the consequences of the development of shale gas exploitation in the USA, not only on the US domestic market, but also on Europe and Asia. In Europe, two types of prices are still coexisting: indexed and spot prices. Indexed prices might be reached in periods of tension on the market (during a cold winter), but the trend is globally oriented downwards. It seems that spot prices tend to converge toward indexed prices, at least in winter. Thus, despite the existence of indexed contracts, the influence of oil price is slowly decreasing. Finally, the author outlines upheavals experienced by the gas market since 2009 due to economic growth, development of shale gas, change of contract models, level of LNG supply, CO 2 price, increasing share of renewable energies

  19. Digging deeper: How do different types of organic consumers influence the increasing organic market share?

    DEFF Research Database (Denmark)

    Andersen, Laura Mørch; Lund, Thomas Bøker

    2014-01-01

    Purpose – This article aims to investigate how sub-markets with different degrees of maturity develop during a period of general organic growth, and how different consumer segments behave on these sub-markets. Design/methodology/approach – This paper uses actual purchasing behaviour of six consumer...... segments with different attitudes towards food in general, and organic production and products in particular. The data is from the Danish market for organic foods, which is one of the most mature markets in the world. Findings – The segmentation splits consumers into a positive and a non-positive half......, each half consisting of three different segments. The estimations show that the development in general organic consumption varies between segments, and that their behaviour varies between sub-markets. The positive half of the population has driven the overall growth in organic budget share...

  20. On Volatility Swaps for Stock Market Forecast: Application Example CAC 40 French Index

    Directory of Open Access Journals (Sweden)

    Halim Zeghdoudi

    2014-01-01

    Full Text Available This paper focuses on the pricing of variance and volatility swaps under Heston model (1993. To this end, we apply this model to the empirical financial data: CAC 40 French Index. More precisely, we make an application example for stock market forecast: CAC 40 French Index to price swap on the volatility using GARCH(1,1 model.

  1. Corporate Sustainability Indexes: FTSE 4 Good Index Report on Nestle

    Directory of Open Access Journals (Sweden)

    Gülay Keskin

    2018-04-01

    Full Text Available Corporate sustainability and economic business activities are focused on the social and environmental impacts. In this sense, the economic activity created by the businesses is to pursue social and environmental impacts, and producing information related to these effects is essential for the formation of structure for a sustainable business. Sustainability indices are structures edited on first generation sustainability indicators, which are structures constructed in order to share information with consumers and businesses. The most important benefits are improvements in transparency without the need for regulation of the sustainability index, better understanding of the social and environmental impact of companies and the guidance for arrangements to minimize the negative side effects of company activities. FTSE4Good is a responsible investment index designed to help investors identify companies that meet globally recognised corporate responsibility standards. It is the only index of its kind since it includes specific criteria on the responsible marketing of breast milk substitutes.

  2. Is “economic freedom” the same as free market capitalism? A decompositional analysis of the Economic Freedom of the World index.

    OpenAIRE

    Cohen, Joseph N

    2011-01-01

    The Frasier Institute’s Economic Freedom of the World is often taken as a metric of market capitalism, and relationships between the index and macroeconomic outcomes are presented as signaling the consequences of free markets. This paper warns analysts that the index may be conflating three distinct concepts: free markets, good governance and price stability. Analysts should remain cognizant of this conceptual conflation when using the index to develop policy prescriptions.

  3. Market Share Delegation in a Bertrand Duopoly: Synchronisation and Multistability

    Directory of Open Access Journals (Sweden)

    Luciano Fanti

    2015-01-01

    Full Text Available This paper tackles the issue of local and global analyses of a duopoly game with price competition and market share delegation. The dynamics of the economy is characterised by a differentiable two-dimensional discrete time system. The paper stresses the importance of complementarity between products as a source of synchronisation in the long term, in contrast to the case of their substitutability. This means that when products are complements, players may coordinate their behaviour even if initial conditions are different. In addition, there exist multiple attractors so that even starting with similar conditions may end up generating very different dynamic patterns.

  4. A survey on technical efficiency, marketing and market structure of saffron crop, Iran

    Directory of Open Access Journals (Sweden)

    Mahmoud Shaban

    2014-03-01

    Full Text Available The current study attempted to determine technical efficiency as well as study the marketing and market structure of Saffarn crop in Iran. To access the research goals 140 farms, 25 retailers and 14 wholesalers randomly selected. The necessary data collected through interview and filling questionarie. Apart from this, some agricultural Expert from selected cities of Razavi province have been chosen to interview. To determine the market time-series data for the period of 1995-12 was used. To determine technical efficiency DEA method, to calculate marketing margins Digbi method and to find market structure concentration ratio and Herfindal index were used. The results indicated that, the average technical efficiency was 63.49 and minimum and maximum technical efficiency respectively 19.04 and 100, retailer margin mean of Saffron was more than wholesale margin mean and average marketing cost coefficient of Saffron was about 14.78. It means that, marketing factors share in final price is 14.78. Address to the results the Saffaran’s market structure is oligopoly.

  5. Market Timing, lifecycle stage and Seasoned Equity offerings

    Directory of Open Access Journals (Sweden)

    Vilma Sousa Ismael da Costa

    2014-08-01

    Full Text Available The tradeoff theory suggests that companies must issue shares to investments, when its leverage index is greater than your target rate, while the pecking order theory predicts that when capital offerings occur, the capital will be used to finance investments as the last source of funding, after their debt capacity have been exhausted. In contrast, the market timing theory predicts arguments that companies will adopt opportunistic behavior by issuing shares to take advantage of the high prices of the shares. Although the market timing theory has a significant influence on the decision to make a SEO, Brazilian literature contains little evidence about their economic importance and their effects. Thus, the present research aims to fill this gap in the Brazilian scenario. Specifically, we sought to assess the explanatory power of the relationship of market timing and the lifecycle theory in the issuance of SEO, which predicts that young companies with high market-to-book (MB and low operating cash flow sell shares to finance the investment, while mature companies, with low MB, pay dividends and fund investment internally. The sample was composed by non-financial companies with shares traded on BM&FBovespa. As main results, we can conclude that there is relationship between SEO and MB and size. On the other hand, were not observed evidence confirming the relationship between lifecycle stage and stock return, both in the previous year, and the year following the completion of the offer.

  6. Corruption and stock market development: A quantitative approach

    Science.gov (United States)

    Bolgorian, Meysam

    2011-11-01

    Studying the relation between corruption and economic factors and examining its consequences for economic development have attracted many economists and physicists in recent years. The purpose of this paper is to focus on the role of stock market development on corruption. Analyzing a data set of corruption and stock market development measures such as market capitalization and total value of share trading for 46 countries around the world for the period 2007-2009, we examine the dependence of the Corruption Perception Index (CPI) on stock market development. Our findings suggest that there exists a power-law dependence between corruption and stock market development. We also observe a negative relation between level of corruption and financial system improvement.

  7. 77 FR 66651 - Salient Advisors, L.P. and MarketShares ETF Trust; Notice of Application

    Science.gov (United States)

    2012-11-06

    ... Advisors, L.P. and MarketShares ETF Trust; Notice of Application October 31, 2012 AGENCY: Securities and... ETF Trust (the ``Trust''). Summary of Application: Applicants request an order that permits: (a... statutory trust. The Trust will initially offer one series, the Salient MLP and Energy Infrastructure ETF...

  8. Renewable energy burden sharing. REBUS. Effects of burden sharing and certificate trade on the renewable electricity market in Europe

    International Nuclear Information System (INIS)

    Voogt, M.H.; Uyterlinde, M.A.; De Noord, M.; Skytte, K.; Nielsen, L.H.; Leonardi, M.; Whiteley, M.H.; Chapman, M.

    2001-05-01

    Creation of an internal market for renewable electricity will involve a political negotiation process, similar to previous European Union (EU) greenhouse gas negotiations. The Energy Ministers in the EU have agreed upon an overall target of 22% of electricity supply from Renewable Energy Sources (RES-E) and a distribution of targets over the individual Member States. The REBUS project provides insights in the effects of implementing targets for renewable electricity generation at EU Member State level and the impact of introducing burden sharing systems within the EU, such as a Tradable Green Certificate (TGC) system. Member States can participate in such burden sharing systems to reduce the costs of achieving RES-E targets. The project concentrated on the development of the REBUS model, which quantifies the impact of trade (in green certificates, quotas or targets), the specification of cost potential curves for renewable electricity options in each of the 15 EU Member States and the implementation of different rules to setting targets at individual Member State level. In addition, utilities and consumer organisations were interviewed on their requirements and expectations for an international burden sharing scheme. 49 refs

  9. A new daily dividend-adjusted index for the Danish stock market, 1985-2002: Construction, statistical properties, and return predictability

    DEFF Research Database (Denmark)

    Belter, Klaus; Engsted, Tom; Tanggaard, Carsten

    2005-01-01

    is given. In the second part of the paper we analyze the time-series properties of daily, weekly, and monthly returns, and we present evidence on predictability of multi-period returns. We also compare stock returns with the returns on long-term bonds and short-term money market instruments (that is......We present a new dividend-adjusted blue chip index for the Danish stock market covering the period 1985-2002. In contrast to other indices on the Danish stock market, the index is calculated on a daily basis. In the first part of the paper a detailed description of the construction of the index...

  10. COINTEGRATION ANALYSIS OF EUROPEAN STOCK MARKETS (ROMANIA, GERMANY, FRANCE AND POLAND FROM THE PERSPECTIVE OF THE NET ASSETS INVESTMENT OF THE ROMANIAN MANDATORY PRIVATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Andreea-Cristina PETRICA

    2016-12-01

    Full Text Available The goal of this paper is to investigate cointegration between Bucharest Stock Exchange and three European Stock Markets: Germany,France and Poland, respectively. The choice of the European markets is based on the net assets investment of the Romanian mandatory private pension funds. On June 30, 2016, according to the Romanian Financial Supervisory Authority 91.28% of all investments in shares of private pension funds have been performed in Romanian shares, while the rest of 8.72% (0.44 billion lei have been performed in shares issued by Germany (2.34%, France (2.23%, Poland (0.89% and other countries. Having the intention of achieving maximizing returns by managing risk, and also to capture the co-movements in the above markets,we perform the cointegration analysis to examine portfolio diversification of the Romanian mandatory private pension funds. The empirical analysis is based on daily closing prices of the BET Index, DAX 30 Index, CAC 40 Index and WIG 20 Index and covers the period from 30 January 2006 to 27 September 2016 (2713 observations.

  11. Value at Risk on Composite Price Share Index Stock Data

    Science.gov (United States)

    Oktaviarina, A.

    2018-01-01

    The financial servicest authority was declared Let’s Save Campaign on n commemoration of the World Savings Day that falls on this day, October 31, 2016. The activity was greeted enthusiastically by Indonesia Stock Exchange by taking out the slogan Let’s Save The Stocks. Stock is a form of investment that is expected to benefit in the future despite has risks. Value at Risk (VaR) is a method that can measure how much the risk of a financial investment. Composite Stock Price Indeks is the stock price index used by Indonesia Stock Exchange as stock volatility benchmarks in Indonesia. This study aimed to estimate Value at Risk (VaR) on closing price Composite Price Share Index Stock data on the period 20 September 2016 until 20 September 2017. Box-Pierce test results p value=0.9528 which is greater than a, that shows homoskedasticity. Value at Risk (VaR) with Variance Covariance Method is Rp.3.054.916,07 which means with 99% confindence interval someone who invests Rp.100.000.000,00 will get Rp.3.054.916,07 as a maximum loss.

  12. Budget Impact of Increasing Market Share of Patient Self-Testing and Patient Self-Management in Anticoagulation

    NARCIS (Netherlands)

    Stevanović, Jelena; Postma, Maarten J.; Le, Hoa H.

    Background: Patient self-testing (PST) and/or patient self-management (PSM) might provide better coagulation care than monitoring at specialized anticoagulation centers. Yet, it remains an underused strategy in the Netherlands. Methods: Budget-impact analyses of current and new market-share

  13. Insider trading under trading ban regulation in China’s A-share market

    Directory of Open Access Journals (Sweden)

    Chafen Zhu

    2015-09-01

    Full Text Available This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report, due to high regulation risk. However, the ban only constrains the profitability of insider trades during the ban period, while trades outside it remain highly profitable. Informed insider trading before the ban period is 2.83 times more profitable than uninformed trading. The regulation has changed insider trading patterns, but has been ineffective in preventing insider trading by large shareholders due to rigid administrative supervision and a lack of civil litigation and flexible market monitoring. This study enhances understanding of large shareholders’ trading behavior and has important implications for regulators.

  14. Local and global dynamics in a duopoly with price competition and market share delegation

    International Nuclear Information System (INIS)

    Fanti, Luciano; Gori, Luca; Mammana, Cristiana; Michetti, Elisabetta

    2014-01-01

    This paper aims at studying a nonlinear dynamic duopoly model with price competition and horizontal product differentiation augmented with managerial firms, where managers behave according to market share delegation contracts. Ownership and management are then separate and managers are paid through adequate incentives in order to achieve a competitive advantage in the market. In this context, we show that complexity arises, related both to the structure of the attractors of the system and the structure of their basins, as multistability occurs. The study is conducted by combining analytical and numerical techniques, and aims at showing that slight different initial conditions may cause very different long-term outcomes

  15. A FRONTIER MARKET CASE: DOES BUCHAREST STOCK EXCHANGE HAVE A LEADING DOMESTIC INDEX?

    OpenAIRE

    CORNELIA POP; DRAGOS BOZDOG; ADINA CALUGARU

    2012-01-01

    A frontier market can play a significant role in the diversification of a global portfolio. Equally important are the companies selected in order to fulfill the diversification needs. We focused on Bucharest Stock Exchange, considered a frontier market, and we analyzed its own diversification power based on the presence/ absence of a leading index that influences the price evolution of the other traded companies. This idea was suggested by the strong position of the five listed closed-end fun...

  16. 78 FR 16898 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-19

    ... multiply-listed equity and ETF options classes in a month \\11\\ or (3) adds Customer and Professional... the following symbols, iShares MSCI Emerging Markets Index (``EEM''), SPDR Gold Shares (``GLD''), i... and ETF options classes in a month or add Customer and Professional liquidity of 60,000 or more...

  17. Where Did They Go? Market Share Trends of Business Student Enrollment at Public, Not-for-Profit, and For-Profit Institutions from 1996 to 2008

    Science.gov (United States)

    Fox Garrity, Bonnie Kathleen

    2012-01-01

    The author presents the trends in market share of business student enrollment at public, not-for-profit, and for-profit 4-year-and-above institutions from 1996 to 2008. Although each sector of the institutions has experienced growth in overall enrollments, the relative market share of public and not-for-profit institutions has dropped, whereas the…

  18. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem.

    Science.gov (United States)

    Bruni, Renato

    2017-02-01

    Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

  19. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem

    Directory of Open Access Journals (Sweden)

    Renato Bruni

    2017-02-01

    Full Text Available Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

  20. Overcoming the drawbacks of a Revenue Sharing Contract in a marketing channel through a coop program

    NARCIS (Netherlands)

    De Giovanni, P.; Roselli, M.

    2012-01-01

    In a marketing channel governed by goodwill dynamics, players adjust their pricing and advertising strategies when shifting from a wholesale price contract (WPC) to a revenue sharing contract (RSC). We demonstrate that this shift is not payoff-Pareto-improving when the retailer, who is the player

  1. Assessing Consequences of Component Sharing across Brands in the Vertical Product Line in the Automotive Market

    NARCIS (Netherlands)

    Verhoef, P.C.; Pauwels, K.; Tuk, M.A.

    Component sharing may look great in the boardroom but not in the showroom. Indeed, savings on research and development and production costs could be offset by a plunge in customer brand attractiveness. The central objective of this paper is to investigate consumer and market responses toward

  2. Study on Informational Transaction and Its Effect on China's Stock Index Futures Market

    Directory of Open Access Journals (Sweden)

    Hongli Che

    2014-01-01

    Full Text Available Information is one of the important factors that influence the behavior of investors and then have an effect on the price of the risky assets in the market. Firstly, the new procedure developed by Easley et al. (2011 is used to estimate the Volume-Synchronized Probability of Informed Trading (VPIN of the Chinese stock index futures market. Then VPIN for special scenarios is depicted. As a result, we find that the future contracts generally have a larger number of information transactions. We also find that, for particular scenarios, the probability of informed trading in the market has obvious exceptions. The larger proportion of informed trader is, the higher the volatility of the price is.

  3. AUDIT MARKET CONCENTRATION – EVIDENCE FROM CROATIA

    Directory of Open Access Journals (Sweden)

    Sanja Sever Mališ

    2015-12-01

    Full Text Available Statutory audit is designated to protect the public interest and has a significant impact on the overall economy. There are concerns that the Big Four audit firms have become too dominant and that the collapse of one of these firms would disrupt the whole financial system. In terms of revenues received, the total market share of the Big Four audit firms for listed companies exceeds 90% in a vast majority of European Union Member States. Prior studies have shown that high audit market concentration limits the choice of auditor for large companies and sets a high barrier of entry for mid-tier audit firms, while the effect on audit quality and audit fees is still unclear. Therefore, the regulators are considering reforms to dilute the Big Four’s dominance and improve competition in the audit market. The paper reviews the proposed and implemented measures that are the most common, together with their advantages and drawbacks. In addition, the characteristics of the audit market in Croatia are investigated, with a focus on market concentration measured by standard measures such as the Concentration rate, the Herfindahl Hirschman Index and the Gini coefficient. According to market shares based on total clients’ assets and revenues, the audit market for listed companies is moderately to highly concentrated, with a decrease in the five-year period (2013 compared to 2008.

  4. 78 FR 16479 - Acquisition of Items for Which Federal Prison Industries Has a Significant Market Share

    Science.gov (United States)

    2013-03-15

    ... Federal Prison Industries Has a Significant Market Share AGENCY: Department of Defense (DoD). ACTION: Notice. SUMMARY: DoD is publishing the annual list of product categories for which the Federal Prison... requirements for purchases from Federal Prison Industries, Inc. (FPI) by requiring DoD to publish an annual...

  5. Comparison of vector autoregressive (VAR) and vector error correction models (VECM) for index of ASEAN stock price

    Science.gov (United States)

    Suharsono, Agus; Aziza, Auliya; Pramesti, Wara

    2017-12-01

    Capital markets can be an indicator of the development of a country's economy. The presence of capital markets also encourages investors to trade; therefore investors need information and knowledge of which shares are better. One way of making decisions for short-term investments is the need for modeling to forecast stock prices in the period to come. Issue of stock market-stock integration ASEAN is very important. The problem is that ASEAN does not have much time to implement one market in the economy, so it would be very interesting if there is evidence whether the capital market in the ASEAN region, especially the countries of Indonesia, Malaysia, Philippines, Singapore and Thailand deserve to be integrated or still segmented. Furthermore, it should also be known and proven What kind of integration is happening: what A capital market affects only the market Other capital, or a capital market only Influenced by other capital markets, or a Capital market as well as affecting as well Influenced by other capital markets in one ASEAN region. In this study, it will compare forecasting of Indonesian share price (IHSG) with neighboring countries (ASEAN) including developed and developing countries such as Malaysia (KLSE), Singapore (SGE), Thailand (SETI), Philippines (PSE) to find out which stock country the most superior and influential. These countries are the founders of ASEAN and share price index owners who have close relations with Indonesia in terms of trade, especially exports and imports. Stock price modeling in this research is using multivariate time series analysis that is VAR (Vector Autoregressive) and VECM (Vector Error Correction Modeling). VAR and VECM models not only predict more than one variable but also can see the interrelations between variables with each other. If the assumption of white noise is not met in the VAR modeling, then the cause can be assumed that there is an outlier. With this modeling will be able to know the pattern of relationship

  6. Reducing the market impact of large shares of intermittent energy in Denmark

    International Nuclear Information System (INIS)

    Klinge Jacobsen, Henrik; Zvingilaite, Erika

    2010-01-01

    The increasing prevalence of renewable and intermittent energy sources in the electricity system is creating new challenges for the interaction of the system. In Denmark, high renewable shares have been achieved without great difficulty, mainly due to the flexibility of the nearby Nordic hydro-power dominated system. Further increases in the share of renewable energy sources require that additional options are considered to facilitate integration with the lowest possible cost. With large shares of intermittent energy, the impact can be observed on wholesale prices, giving both lower prices and higher volatility. A lack of wind that causes high prices is rarely seen because long periods without wind are uncommon. Therefore we focus on the low price effects and the increased value of flexible demand options. On the supply side, there is an increase in the value of other flexible generation technologies and the attractiveness of additional interconnection capacity. This paper also analyses options for increasing the flexibility of heat generation involving large and decentralized CHP plants and heat generation based on electricity. The incentives that the market provides for shifting demand and using electricity for heat production are discussed based on the variability of prices observed from 2006 to 2008.

  7. Smartphone's Operating Systems and market share

    OpenAIRE

    Ferreras Andreu, Javier

    2011-01-01

    During the last decades, mobile phone’s market has changed people’s communication ways. Several technological improvements have been reached mainly in the last fifteen years, making possible to add new features to mobile phones. As devices became more popular and included new services, a market grew around them. The following pages contain a market analysis from the different members of the mobile phone’s industry: manufacturers, operating system companies, operators, developers and custom...

  8. Investigate Volatility Jumps in Chinese Stock Index Future and Spot Markets Based on Realized Volatility

    Institute of Scientific and Technical Information of China (English)

    Zhang qiang

    2014-01-01

    This paper aims to investigate Chinese stock index future and spot market's volatility jumps characteristics by using recentlydeveloped jumpstest(Barndorff-Nielsenand Shephard,2004).Thedataisoneyearhigh frequencydatafromthe period19/04/2012 to 19/04/2013. The empirical results show two important points. Firstly, the logarithm of adjusted realized volatility shows a high degree of autocorrelation and folows a normal distribution nearly perfect. These characteristics show a potential high forecast ability. Secondly,thedailyrealizedvolatilityjumpsshowalowdegreeofautocorrealtionbutwithsignificantvolatilityclusters.Ingeneral,thejumps component has a low percentage in realized volatility estimation for both future and spot market. On average, there is one significant jumpswithinevery ten continue trading days.Spotmarkets showshigherdegree of jumps,anda rapidly jumpscharacterises.It implies that jumps may transmission from spot to future market, and spot market dominate future market at some degree.

  9. A COMPARATIVE STUDY OF THE RELATIONSHIP BETWEEN BRAND LOYALTY AND MARKET SHARE AMONG DURABLE AND NON-DURABLE PRODUCTS

    OpenAIRE

    Ovidiu I. MOISESCU; Andrej BERTONCELJ

    2010-01-01

    Marketing specialists widely accept that brand loyalty, as core component of brand equity, can leverage several positive effects on brand commercial performance and on other dimensions of brand equity, loyalty being both an input and an output from this perspective. Starting from the supposition that higher brand loyalty can generate higher market share, the paper investigates the relationship between the two, considering repurchase and recommend intentions as main measurements of loyalty. An...

  10. An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel

    Science.gov (United States)

    Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

    2015-01-01

    Introduction Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. Methods In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004–2009) using Cox proportional hazard modelling. Results The sample was 13.28% African-American; the average income was $52 334 (SD=31 445). The average price premium and market share of smokers’ dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (pconsumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. PMID:26534732

  11. Multivariate market risk evaluation between Malaysian Islamic stock index and sectoral indices

    Directory of Open Access Journals (Sweden)

    Sew Lai Ng

    2017-03-01

    Full Text Available Without an efficient financial risk management, it may cause massive consequences to a financial institution as well as individual. Therefore, developing a methodology which gives precise estimates to reduce the exposure of risk to a minimum is of great importance. This paper uses an asymmetric BEKK-GARCH model to examine the return and volatility linkages between the FTSE Bursa Malaysia Emas Shariah (FBMS index and the sectoral indices under a normal market. The findings suggest that the FBMS plays a leading role in the mean return spillover effect. There is a strong evidence of significant transmission of past shocks, volatilities and leverage effects are observed on the current conditional variance-covariance in all the pair-wise models. These empirical results are helpful in quantifying the cross-market risk evaluation, risk minimizing weight and cross-market hedge ratio for strategizing appropriate portfolio selection.

  12. A cointegration analysis of wine stock indexes

    Directory of Open Access Journals (Sweden)

    Sabina Introvigne

    2017-12-01

    Full Text Available This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series co-move in the long run and which one of the variables contributes proactively to such an equilibrium by reacting to disequilibria from the long-run path. The estimates highlight that i the two wine indexes have a higher Sharpe ratio compared to the general stock market index, revealing wine stocks as a profitable investment per se, and ii the absence of cointegration among the three series and the existence of possible diversification benefits. In fact, in the long-run price do not move together and, therefore, investors may be better off by including wine stocks into investment portfolios and take advantage of diversification

  13. Production sharing agreements

    International Nuclear Information System (INIS)

    1994-01-01

    This paper, which was presented at the Production Sharing Agreement seminar, discusses economic rent, negotiations, trends in fiscal system development, and concessionary systems. Production sharing contracts, risk service contracts, joint ventures and the global market are examined. (UK)

  14. Inherent Complexity Research on the Bullwhip Effect in Supply Chains with Two Retailers: The Impact of Three Forecasting Methods Considering Market Share

    Directory of Open Access Journals (Sweden)

    Junhai Ma

    2014-01-01

    Full Text Available An important phenomenon in supply chain management which is known as the bullwhip effect suggests that demand variability increases as one moves up a supply chain. This paper contrasts the bullwhip effect for a two-stage supply chain consisting of one supplier and two retailers under three forecasting methods based on the market share. We can quantify the correlation coefficient between the two retailers clearly, in consideration of market share. The two retailers both employ the order-up-to inventory policy for replenishments. The bullwhip effect is measured, respectively, under the minimum mean squared error (MMSE, moving average (MA, and exponential smoothing (ES forecasting methods. The effect of autoregressive coefficient, lead time, and the market share on a bullwhip effect measure is investigated by using algebraic analysis and numerical simulation. And the comparison of the bullwhip effect under three forecasting methods is conducted. The conclusion suggests that different forecasting methods and various parameters lead to different bullwhip effects. Hence, the corresponding forecasting method should be chosen by the managers under different parameters in practice.

  15. Is “economic freedom” strictly free market capitalism? A decompositional analysis of the Economic Freedom of the World index

    OpenAIRE

    Cohen, Joseph N

    2009-01-01

    The Frasier Institute’s Economic Freedom of the World is often taken as a metric of market capitalism. This paper argues that the index is an amalgam of measures capturing free markets and good governance, and analysts should remain cognizant of this conceptual conflation when using the index to develop policy prescriptions. Implicitly, the “economic freedom” literature suggests that countries embrace an “Anglo-Swiss” policy model, although the rich world offers alternative models that maximi...

  16. A New Measure of Competition in Indian Loan Market

    Directory of Open Access Journals (Sweden)

    Jugnu Ansari

    2013-11-01

    Full Text Available This study endeavours at measuring bank competition in Indian loan market using a new competitiveness index, the Augmented Relative Profit Difference (ARPD, which quantifies the impact of marginal costs on performance, measured in terms of market shares. This study yields two major insights. First, the theoretical foundation of the ARPD is very robust as compared to other conventional measures. Second, applying this unbiased competition indicator to Indian bank loan markets shows that financial reform indeed has contributed to significant improvements in competition. As regards, the competition among specific types of banks, we found public sector banks and private sector banks are comparatively more competitive than foreign banks. The empirical finding indicates that the Indian loan market is monopolistic in nature.

  17. The Reaction of the WIG Stock Market Index to Changes in the Interest Rates on Bank Deposits

    Directory of Open Access Journals (Sweden)

    Grzegorz Przekota

    2010-01-01

    Full Text Available Determination of the relationship between the money market and capital market is particularly important from the point of view of taking a decision on the location of investment capital. It may help to forecast future states. This study seeks to determine the relationship of the interest rate on deposits in zloty with the WIG stock index and the volume of turnover on the Warsaw Stock Exchange. Analysis of correlation and VAR models are used. Analysis of long-term correlation indicates a negative relationship between the interest rate on deposits in banks and the value of the WIG stock-index. However, this may be spurious. The dependence between these variables may be more complex and should rather be seen as short term. It seems that in general the impact of an increase in interest rates on the value of the WIG index is negative in the short term, just as in the long term. In addition, in the short term these variables can move in the same direction. The results obtained in the research are consistent with results obtained for other national markets. This applies in particular to the relatively weak, negative correlation described above. (original abstract

  18. A Comparative Analysis of Social Media Marketing by Transportation Network Companies in the Sharing Economy

    OpenAIRE

    Heymans, Alice

    2017-01-01

    The sharing economy is a new business model rapidly expanding. In transportation, many people use innovative services proposed by ride-hailing mobile applications. These technological platforms, operated by networking companies, rely extensively on social media to promote their services, and reach new customers (riders) and providers (drivers). This dissertation focuses on e-marketing communication. It makes a comparative analysis of the information published on several social media (Facebook...

  19. A cointegration analysis of wine stock indexes

    OpenAIRE

    Sabina Introvigne; Emanuele Bacchiocchi; Daniela Vandone

    2017-01-01

    This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series c...

  20. Integrating market share models with network optimizing models for strategic planning in an oil pipeline company

    International Nuclear Information System (INIS)

    Smith, L.D.; Moses, S.W.

    1991-01-01

    Mathematical models of market share are constructed to describe the distribution of petroleum products from pipeline terminals, water terminals and refineries in the midcontinental United States. Network distribution models are developed to analyse the constraints and economics of alternative distribution systems. This paper describes how the two types of models were integrated for strategic planning in an oil pipeline company

  1. An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel.

    Science.gov (United States)

    Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

    2015-11-03

    Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004-2009) using Cox proportional hazard modelling. The sample was 13.28% African-American; the average income was $52,334 (SD=31,445). The average price premium and market share of smokers' dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (pconsumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

  2. Effect of money supply on the Dow Jones Industrial Average stock index

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2012-01-01

    Full Text Available This focus of this paper are the effects and implications of a change in the money supply for share price indices in the USA during 1959–2011. The money supply will be measured by the M2 and MZM aggregates (money with zero maturity. The US stock market is represented by the Dow Jones Industrial Average index. The objective of this paper is to find, describe and evaluate the effects of changes to the money supply (M2 and MZM on the US stock market. A partial objective of this paper is to determine whether a change in the monetary aggregate shows in the stock index immediately or with a delay of several weeks. Another aim is to determine whether asset prices influence the money supply.

  3. Distributed ledger technology in the capital market : Shared versus private information in a permissioned blockchain

    OpenAIRE

    Piccolo, Alessandro

    2017-01-01

    This master thesis explores how blockchain technologies can be utilized within the financial sector with focus on how to store both private and public information on the blockchain. The capital market is looking into ways of cutting down administrative work through streamlining the financial process by using blockchain technologies. Public key encryption together with hash functions and a consensus mechanism make up the basis for creating a shared trustless database system. The thesis was con...

  4. City tourism and the sharing economy – potential effects of online peer-to-peer marketplaces on urban property markets

    Directory of Open Access Journals (Sweden)

    Stefan Brauckmann

    2017-09-01

    Full Text Available Purpose – The purpose of this paper is to investigate the potential effects of the so-called sharing economy on growing city tourism as well as on urban property markets. Design/methodology/approach – Official statistical data and a geo-information system (GIS are used on a small scale in order to identify concentration processes among overnight visitors and the potential concomitant conflicts with other interest groups. Findings – Currently, the effects of the sharing economy on housing markets and city tourism are barely measurable and are limited to a few central locations. However, a growing demand can be discerned in housing-like accommodation concepts which can be operated via booking platforms. As there is likely to be strong future growth in this area, continuous market observation (monitoring is urgently advised. Research limitations/implications – Official statistics only allow an analysis of overnight guests staying with larger accommodation providers. Booking platforms for holiday homes and other temporary accommodation options have such little interest in data transparency that the overall phenomenon of city tourism can be addressed only in part. Practical implications – Associating various data within the GIS enables municipal administrators and urban planners to identify potential sources of conflict within the property markets in good time and effectively counteract these where possible. Social implications – Increases in property prices directly attributable to growing city tourism may lead to the displacement of less financially secure members of the established population as well as businesses. Originality/value – The sharing economy is a relatively new research topic which will become increasingly important in future. The identification of potential sources of conflict due to tourist accommodation has therefore not yet been comprehensively carried out on a small scale.

  5. The scale-dependent market trend: Empirical evidences using the lagged DFA method

    Science.gov (United States)

    Li, Daye; Kou, Zhun; Sun, Qiankun

    2015-09-01

    In this paper we make an empirical research and test the efficiency of 44 important market indexes in multiple scales. A modified method based on the lagged detrended fluctuation analysis is utilized to maximize the information of long-term correlations from the non-zero lags and keep the margin of errors small when measuring the local Hurst exponent. Our empirical result illustrates that a common pattern can be found in the majority of the measured market indexes which tend to be persistent (with the local Hurst exponent > 0.5) in the small time scale, whereas it displays significant anti-persistent characteristics in large time scales. Moreover, not only the stock markets but also the foreign exchange markets share this pattern. Considering that the exchange markets are only weakly synchronized with the economic cycles, it can be concluded that the economic cycles can cause anti-persistence in the large time scale but there are also other factors at work. The empirical result supports the view that financial markets are multi-fractal and it indicates that deviations from efficiency and the type of model to describe the trend of market price are dependent on the forecasting horizon.

  6. Strategic analysis of PKM Duda SA. on Polish meat market with the application of BCG growth-share matrix

    Directory of Open Access Journals (Sweden)

    Anna Zielińska-Chmielewska

    2012-01-01

    Full Text Available The main goal of this paper was to examine the market position of one leading meat processing enterprise PKM Duda SA. on the domestic meat market. The assessment of the activity portfolio on its three strategic units was undertaken with the usage of BCG matrix. The PKM Duda SA. was chosen for the study because: a processes more than 20 tons of slaughter per week, b is located in the country of origin, c exists on Warsaw Stock Exchange Market, d preserves continuity of its database in Monitor Polski „B”. The analysis proved that all three examined strategic units have different market shares and operate on markets of a different acceleration. The highest income rate brings the meat processing unit (B, the lowest slaughter unit (A. The market position of PKM Duda SA. can be improved when a retail trade unit (B moves away from question marks into stars. Although BCG matrix draws a fast and a complex strategic situation, is not free from disadvantages. That is the reason why further, also portfolio, analysis should be im-plemented.

  7. Predictability and co-movement relationships between conventional and Islamic stock market indexes: A multiscale exploration using wavelets

    Science.gov (United States)

    Saâdaoui, Foued; Naifar, Nader; Aldohaiman, Mohamed S.

    2017-09-01

    This paper investigates the dynamical relationship between conventional and Islamic stock markets using the wavelet-assisted cross-spectral, cross-correlation and causality analyses. Relying on bivariate time series from emerging and developed markets, the aim is to find and recognize local microscopic signs of convergence or divergence. The data set covers a period of exceptional instability in the financial system that was accompanied by a significant slump in the global economic environment. The empirical results demonstrate an obvious strong dependence between conventional and Islamic indexes at low-frequency, while the dependence becomes rather instable in the finest frequencies across different investment time horizons. The relationship also took a special different form in the crisis period compared to relatively calm periods. In developed markets, indexes were the most correlated over many periods and at many frequencies, while the relationship in emerging markets tended to be less manifest, especially for short-term horizons, offering investors different investment alternatives and portfolio diversification opportunities. The pre- and post-crisis causality investigations at the end of the study suggested a bidirectional relationship in most cases, thereby offering further perspectives on multivariate forecasting.

  8. Sharing killed the AVMSD star: the impossibility of European audiovisual media regulation in the era of the sharing economy

    Directory of Open Access Journals (Sweden)

    Indrek Ibrus

    2016-06-01

    Full Text Available The paper focuses on the challenges that the ‘sharing economy’ presents to the updating of the European Union’s (EU Audiovisual Media Service Directive (AVMSD, part of the broader Digital Single Market (DSM strategy of the EU. It suggests that the convergence of media markets and the emergence of video-sharing platforms may make the existing regulative tradition obsolete. It demonstrates an emergent need for regulatory convergence – AVMSD to create equal terms for all technical forms of content distribution. It then shows how the operational logic of video-sharing platforms undermines the AVMSD logic aimed at creating demand for professionally produced European content – leading potentially to the liberalisation of the EU audiovisual services market. Lastly, it argues that the DSM strategy combined with sharing-related network effects may facilitate the evolution of the oligopolistic structure in the EU audiovisual market, potentially harmful for cultural diversity.

  9. The New Electricity Market of Singapore: Regulatory framework, market power and competition

    International Nuclear Information System (INIS)

    Chang Youngho

    2007-01-01

    This study examines whether the New Electricity Market of Singapore (NEMS) is functioning at a workable level of competition. The generation market of the NEMS appears highly concentrated by a four-firm concentration ratio or the Herfindahl-Hirschman Index. However, other measures of market power present that the NEMS is working at close to a competitive market. First, there seems to be a number of effective competitors in the market. Second, Supply Margin Assessment and Residual Supply Index support that the market is competitive though there are some possibilities in which the largest generator or a few large generators jointly could still have market power. Third, the Lerner Index of the NEMS shows that the generation market is fairly competitive and the Lerner Index adjusted with an industry level price elasticity of demand implies that there has not been much exercise of market power. Finally, vesting contracts-a contractual obligation of a specified quantity of electricity supply to the market-have appeared to be a strong and effective tool to mitigate market power in the NEMS. The vesting contracts are considered the force behind the lowering in the average Uniform Singapore Electricity Price and the Lerner Index in 2004

  10. Natural gas in Asia: Trade, markets and regional institutions

    International Nuclear Information System (INIS)

    Vivoda, Vlado

    2014-01-01

    Natural gas trade in Asia has been dominated by long-established market structures, under which liquefied natural gas (LNG) has remained indexed based on the price of crude oil. High transaction costs in the region in recent years imply that the regional market is sub-optimally organized. Since 2010, the continued prevalence of oil-indexation has had the most adverse effect on Japan, the world’s largest LNG importer. In response, Japan implemented several strategies to challenge traditional LNG pricing mechanisms in the region and ultimately reduce transaction costs. Japan’s efforts include an increase in the share of spot and short-term purchases, sourcing new supplies from the United States under alternative pricing arrangements and driving regional buyer cooperation. This paper evaluates the potential effect of Japan’s LNG strategy on regional pricing in the broader institutional context, arguing that LNG pricing in the region will only partially shift away from oil-indexation by the end of the decade. While recent cooperation among regional LNG importers indicates that there may be scope for change in the regional institutional setting, the degree of cooperation is insufficient to have a profound effect on regional pricing. - Highlights: • Sub-optimal natural gas market outcomes in Asia since 2010. • Asian buyers have challenged oil-indexation in the region. • Concrete evidence of Japan-led buyer cooperation since 2013. • Pricing will only partially shift from oil-indexation by 2020. • Security of supply remains a top policy priority

  11. Market Segmentation, Information Asymmetry and Investor Responses in the Chinese A- and B- Markets

    Directory of Open Access Journals (Sweden)

    Juan Yao

    2014-03-01

    Full Text Available This paper examines changes in returns and trading volumes around earnings announcements for firms which have both A-shares (traditionally for local investors only and B-shares (traditionally for foreign investors only in China. It considers the impact of regulatory changes which reduced the segmentation of local and foreign investors across the two classes of shares. We find that both the A- and B-markets experience significant price changes around earning announcements. When the two markets are fully segmented, the magnitude of price changes in the A-share market are significantly smaller than the B-market which lends empirical support to the previous claim that the B-market is less informed. The changes in trading volume indicate that the B-market investors have less divergent expectations and interpretations of the pre-disclosure information compared to the A-market investors.However, when regulatory changes reduced the level of segmentation, the price and volume reactions in the two markets became more consistent. The results suggest that the A- and Bmarkets are more integrated as a result of the regulatory changes.

  12. Bonds with index-linked stochastic coupons in quantum finance

    Science.gov (United States)

    Baaquie, Belal Ehsan

    2018-06-01

    An index-linked coupon bond is defined that pays coupons whose values are stochastic, depending on a market defined index. This is an asset class distinct from the existing coupon bonds. The index-linked coupon bond is an example of a sukuk, which is an instrument that implements one of the cornerstones of Islamic finance (Askari et al., 2012): that an investor must share in the risk of the issuer in order to earn profits from the investment. The index-linked coupon bond is defined using the mathematical framework of quantum finance (Baaquie, 2004, 2010). The coupons are stochastic, with the quantum of coupon payments depending on a publicly traded index that is chosen to reflect the primary drivers of the revenues of the issuer of the bond. The index ensures there is information symmetry - regarding the quantum of coupon being paid - between issuer and investor. The dependence of the coupon on the index is designed so that the variation of the index mirrors the changing fortunes of the issuer, with the coupon's quantum increasing for increasing values of the index and conversely, decreasing with a fall of the index.

  13. The New Electricity Market of Singapore : regulatory framework, market power and competition

    International Nuclear Information System (INIS)

    Chang, Y.

    2007-01-01

    This study examines whether the New Electricity Market of Singapore (NEMS) is functioning at a workable level of competition. The generation market of the NEMS appears highly concentrated by a four-firm concentration ratio or the Herfindahl-Hirschman Index. However, other measures of market power present that the NEMS is working at close to a competitive market. First, there seems to be a number of effective competitors in the market. Second, Supply Margin Assessment and Residual Supply Index support that the market is competitive though there are some possibilities in which the largest generator or a few large generators jointly could still have market power. Third, the Lerner Index of the NEMS shows that the generation market is fairly competitive and the Lerner Index adjusted with an industry level price elasticity of demand implies that there has not been much exercise of market power. Finally, vesting contracts - a contractual obligation of a specified quantity of electricity supply to the market - have appeared to be a strong and effective tool to mitigate market power in the NEMS. The vesting contracts are considered the force behind the lowering in the average Uniform Singapore Electricity Price and the Lerner Index in 2004. [Author

  14. The Impulsive Stock Market of Bangladesh and the Great Recession

    Directory of Open Access Journals (Sweden)

    Saif Hossain

    2013-07-01

    Full Text Available The paper investigates whether the stock market of Bangladesh can be related with the last world recession. The Pearson’s correlation analysis model was used to find the correlation between the Dhaka Stock Exchange General index and real GDP growth rate of the world. The findings show that no statistically significant correlation exists between the two variables inferring that the stock market of Bangladesh was not significantly affected by ‘the great recession’ (2007-2009. The findings of this study are inconsistent with the results of previous studies which claimed that the Bangladesh stock market shares a common stochastic trend with the capital market of USA. The results of this study may be explained mainly by domestic factors such as low market capitalization, market inefficiency, strict monitoring and control by the Security and Exchange Commission and low international participation in the stock market of Bangladesh. All these factors, along with the inconsistency with past results, instigate further investigation.

  15. Value-Based Marketing: A Dsicussion of Issues and Trends in the Slaughter Cattle Market

    OpenAIRE

    Fausti, Scott W.; Diersen, Matthew A.; Qasmi, Bashir A.; Li, Jing

    2009-01-01

    Pricing and technological innovation are discussed within the context of the beef industry’s value-based marketing initiative. Cash and contract marketing practices for fed cattle are addressed with respect to slaughter volume and pricing methods (live, dressed, and grid). A methodology for estimating grid market share of weekly slaughter volume, based on USDA market reports (2004–2009), is introduced. Weekly grid market shares for the cash and contract markets are derived. Summary statis...

  16. The Effect of Attractiveness on Food Sharing Preferences in Human Mating Markets

    Directory of Open Access Journals (Sweden)

    Michael Stirrat

    2011-01-01

    Full Text Available The current study explored how physical attractiveness affects food sharing by studying payment preferences for hypothetical romantic dinner dates (a hypothetical mating market. We analyzed payment preferences, self-rated attractiveness, and rated attractiveness for hypothetical dates in 416 participants. We hypothesized that (1 men would be more likely to prefer to pay than would women, (2 attractive individuals of both sexes would be less willing to pay, and (3 preferences to enter an exchange would be influenced by the attractiveness of prospective partners such that (3a men would prefer to pay for attractive women, and (3b women would prefer to be paid for by attractive men. All hypotheses were supported by our results. Individuals with higher self-rated attractiveness were more likely to prefer that their date would pay for the meal, and we found clear sex differences in how the attractiveness of potential dates affected payment preferences. Male participants preferred to pay for dates that had higher facial attractiveness, while female participants preferred that attractive men would pay. Individuals show condition dependent financial preferences consistent with the provisioning hypothesis in this mating market that are adaptive to evaluations of their own quality and that of prospective partners.

  17. İlaç Sektöründe Pazar Paylarının Analizi: Yeni Lanchester Stratejisi ve Sistem Dinamikleri(Analysis of Market Shares in Pharmaceutical Industry: New Lanchester Strategy and System Dynamics

    Directory of Open Access Journals (Sweden)

    Aşkın ÖZDAĞOĞLU

    2013-12-01

    Full Text Available Today, many companies have developed different competition strategies with the purpose of reaching their institutional targets. Developing of the competition strategies and reaction to the instantaneous changes according to the market conditions are possible with the detailed and dynamic analysis of the competitors. In this study, how to change the market shares of the pharmaceutical product companies that compete in a certain region, depending upon the sales force have been analyzed. Lanchester’s Laws have been used for the calculations made in order to determine the market shares. All calculations have been integrated in the frame of system dynamic model in the long run analysis of the market shares and forecasting the long term results of the different sales forces. Different scenarios and long term effects have been analyzed for changes of sales forces via this model. The study ended up with obtaining the potential market share changes of the pharmaceutical product in the case study for the long run which would support the marketing activities.

  18. Asset pricing with index investing

    OpenAIRE

    Georgy Chabakauri; Oleg Rytchkov

    2014-01-01

    We provide a novel theoretical analysis of how index investing affects capital market equilibrium. We consider a dynamic exchange economy with heterogeneous investors and two Lucas trees and find that indexing can either increase or decrease the correlation between stock returns and in general increases (decreases) volatilities and betas of stocks with larger (smaller) market capitalizations. Indexing also decreases market volatility and interest rates, although those effects are weak. The im...

  19. Market Segmentation Using Bayesian Model Based Clustering

    NARCIS (Netherlands)

    Van Hattum, P.

    2009-01-01

    This dissertation deals with two basic problems in marketing, that are market segmentation, which is the grouping of persons who share common aspects, and market targeting, which is focusing your marketing efforts on one or more attractive market segments. For the grouping of persons who share

  20. THE CO-MOVEMENT CONNECTION BETWEEN THE GDP AND THE MAIN STOCK MARKET INDEX. THE CASES OF USA AND ROMANIA

    Directory of Open Access Journals (Sweden)

    IOAN ROXANA

    2015-12-01

    Full Text Available A recurring problem among economists is that of the connection supposed to exist between the Gross Domestic Product and the main stock market index. Several studies have been conducted, trying to analyze the existence and the extent of this connection, most of them concluding the fact that this relation, if existing, is not a statistically significant one. The analyzed relations between a certain country’s Gross Domestic Product and its main stock market index are mainly concentrated with studying correlations, regressive dependencies or cointegration connections calculated by taking into consideration the level of both time series. The best measure of an economy’s performance and evolution is the Gross Domestic Product, an indicator that suggests every step taken by that economy, including its cyclical oscillations. Among specialists, the stock market is seen as a barometer of the global economy, as investors try to exit the stock market before recessions and conversely they return to the stock market just as economy starts to recover. Thus, we find appropriate to analyze the connection between the stock market and the global economy from a cyclical evolution point of view. Therefore, we will take into consideration both GDP’s and stock market index’ cyclical components, as extracted using the Hodrick Prescott filter. The cyclical components’ comovement will then by studied using a procedure proposed in 2009 by Pirtea, Pătru, Dima and Cristea.

  1. Market-driven spectrum sharing in cognitive radio

    CERN Document Server

    Yi, Changyan

    2016-01-01

    This brief focuses on the current research on mechanism design for dynamic spectrum sharing in cognitive radio (CR) networks. Along with a review of CR architectures and characteristics, this brief presents the motivations, significances and unique challenges of implementing algorithmic mechanism design for encouraging both primary spectrum owners and secondary spectrum users to participate in dynamic spectrum sharing. The brief then focuses on recent advances in mechanism design in CR networks. With an emphasis on dealing with the uncertain spectrum availabilities, mechanisms based on spectrum recall, two-stage spectrum sharing and online spectrum allocation are introduced with the support of theoretic analyses and numerical illustrations. The brief concludes with a discussion of potential research directions and interests, which will motivate further studies on mechanism design for wireless communications. This brief is concise and approachable for researchers, professionals and advanced-level students in w...

  2. Measuring market share of petrol stations using conditional probability approach

    Science.gov (United States)

    Sharif, Shamshuritawati; Lwee, Xue Yin

    2017-05-01

    Oil and gas production is the strength of Malaysia's growth over past decades. It is one of the most strategic economic branches in the world. Since the oil industry is essential for the economic growth of a country, only a few undertakings have been achieved to establish. It is a very risky business. Therefore the dealer must have some information in hand before setting up a new business plan. Understanding the current business situation is an important strategy to avoid risky ventures. In this study, the aim is to deliver a very simple but essential way to identify the market share based on customer's choice factors. This approach is presented to encourage the non-statisticians to use it easily in helping their business performance. From this study, the most important factors differ from one station to another station. The results show that the factors of customer's choice for BHPetrol, Caltex, PETRON, PETRONAS and SHELL are site location, service quality, service quality, size of the petrol station, and brand image, respectively.

  3. Methods of Event History Analysis in the Assessment of Crisis Impact on Sectors Related with the Real Estate Market in Poland

    Directory of Open Access Journals (Sweden)

    Bieszk-Stolorz Beata

    2017-06-01

    Full Text Available The subject of the article is the use of methods of event history analysis to assess the fall of prices and the subsequent increase of share prices of companies operating in the construction industry, developers (real estate and building materials industry compared to other industries. The 328 examined companies were listed on the continuous market and the parallel market on the Stock Exchange in Warsaw. Share prices were observed in the period from 1 January 2008 to 31 December 2009 which was based on the earlier observations of stock quotes and the WIG index, the latter reaching its minimum in February 2009. The closing price of a share was taken into account. The 60% decrease and 80% growth in shares prices in particular sectors were analysed. What was assessed was the risk of fall in share prices and their chance for recovery. Additionally, the intensity of the increase of share prices and the probability of failure to reach the limit were examined.

  4. Food Marketing Technology and Contingency Market Valuation

    OpenAIRE

    Garth J. Holloway; Anthony C. Zwart

    1993-01-01

    Marketing activities are introduced into a rational expectations model of the food marketing system. The model is used to evaluate effects of alternative marketing technologies on the distribution of the benefits of contingency markets in agriculture. Benefits depend on two parameters: the cost share of farm inputs and the elasticity of substitution between farm and nonfarm inputs in food marketing. Over a broad spectrum of technologies, consumers are likely to be the net beneficiaries and fa...

  5. Motorola’s Market Share Mission

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The American cell phone maker is out to win back Chinese consumers by introducing more handsets tailored to the market Mobile phone maker Motorola Inc.said on April 24 that it lost more money in the first quarter, because global sales in its key mobile unit fell 39 percent.The news came despite the fact that worldwide cellular

  6. How long the singular value decomposed entropy predicts the stock market? - Evidence from the Dow Jones Industrial Average Index

    Science.gov (United States)

    Gu, Rongbao; Shao, Yanmin

    2016-07-01

    In this paper, a new concept of multi-scales singular value decomposition entropy based on DCCA cross correlation analysis is proposed and its predictive power for the Dow Jones Industrial Average Index is studied. Using Granger causality analysis with different time scales, it is found that, the singular value decomposition entropy has predictive power for the Dow Jones Industrial Average Index for period less than one month, but not for more than one month. This shows how long the singular value decomposition entropy predicts the stock market that extends Caraiani's result obtained in Caraiani (2014). On the other hand, the result also shows an essential characteristic of stock market as a chaotic dynamic system.

  7. [Study on building index system of risk assessment of post-marketing Chinese patent medicine based on AHP-fuzzy neural network].

    Science.gov (United States)

    Li, Yuanyuan; Xie, Yanming; Fu, Yingkun

    2011-10-01

    Currently massive researches have been launched about the safety, efficiency and economy of post-marketing Chinese patent medicine (CPM) proprietary Chinese medicine, but it was lack of a comprehensive interpretation. Establishing the risk evaluation index system and risk assessment model of CPM is the key to solve drug safety problems and protect people's health. The clinical risk factors of CPM exist similarities with the Western medicine, can draw lessons from foreign experience, but also have itself multi-factor multivariate multi-level complex features. Drug safety risk assessment for the uncertainty and complexity, using analytic hierarchy process (AHP) to empower the index weights, AHP-based fuzzy neural network to build post-marketing CPM risk evaluation index system and risk assessment model and constantly improving the application of traditional Chinese medicine characteristic is accord with the road and feasible beneficial exploration.

  8. MCTS Microsoft SharePoint 2010 Configuration Study Guide Exam 70-667

    CERN Document Server

    Pyles, James

    2010-01-01

    A Sybex study guide for the new SharePoint Server 2010 Configuration examSharePoint holds 55 percent of the collaboration and content management market, with many more companies indicating they plan to join the fold. IT professionals interested in enhancing their marketability with the new Microsoft Certified Technology Specialist: Microsoft SharePoint Server 2010 Configuring exam will find this guide may be their only alternative to costly classroom training.Microsoft SharePoint claims over half the market for collaboration and content management software; IT professionals will boost their ma

  9. 50 CFR 85.40 - Cost sharing.

    Science.gov (United States)

    2010-10-01

    ... Use/Acceptance of Funds § 85.40 Cost sharing. (a) The Federal share shall not exceed 75% of total... grant objectives and represent the current market value of noncash contributions furnished as part of...

  10. The Sharing Economy

    DEFF Research Database (Denmark)

    Avital, Michel; Carroll, John M.; Hjalmarsson, Anders

    2015-01-01

    The sharing economy is spreading rapidly worldwide in a number of industries and markets. The disruptive nature of this phenomenon has drawn mixed responses ranging from active conflict to adoption and assimilation. Yet, in spite of the growing attention to the sharing economy, we still do not know...... much about it. With the abundant enthusiasm about the benefits that the sharing economy can unleash and the weekly reminders about its dark side, further examination is required to determine the potential of the sharing economy while mitigating its undesirable side effects. The panel will join...... the ongoing debate about the sharing economy and contribute to the discourse with insights about how digital technologies are critical in shaping this turbulent ecosystem. Furthermore, we will define an agenda for future research on the sharing economy as it becomes part of the mainstream society as well...

  11. Effect of refraction index and light sharing on detector element identification for 2D detector modules in Positron Emission Tomography

    International Nuclear Information System (INIS)

    Tornai, M.P.; Hoffman, E.J.; Cherry, S.R.

    1994-01-01

    Relationships among indices of refraction (n) of scintillation detectors, light sharing among discrete detector elements and accuracy of detector element identification in Positron Emission Tomography (PET) 2-D detector arrays were examined with theory and experiment. Mismatches between the index of refraction of scintillators and the glass of photomultipliers (PMT) were seen to lead to nonlinear relationships between crystal position and ratio (positioning) signals derived from PMTs. Insight is provided into the empirically derived use of light sharing among elements of the crystals in PET 2-D array detectors to compensate for this nonlinear response. ((orig.))

  12. 75 FR 47670 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-08-06

    ... NIKE Inc. 282 EWW iShares MSCI 335 FIS Fidelity Mexico National Investable Information Market Index... Inc. 316 CB Chubb Corp. 205 MA Mastercard Inc. 320 ADM Archer-Daniels- Midland Co. 224 ATPG ATP Oil & Gas 322 HSY Hershey Co./The Corp/United States 226 YUM Yum! Brands Inc 323 TXT Textron Inc. 232 RCL...

  13. 13 CFR 314.5 - Federal Share.

    Science.gov (United States)

    2010-01-01

    ... marketing costs. (b) The Federal Share excludes that portion of the current fair market value of the..., which are not included in the total Project costs. For example, if the total Project costs are $100...

  14. Cross-Market Linkages of Taiwan Index Futures Contracts Listed on the Taiwan Futures Exchange and the Singapore Exchange

    OpenAIRE

    Hung-Gay Fung; Qingfeng "Wilson" Liu; Gyoungsin "Daniel" Park

    2007-01-01

    Cointegration tests and ex ante trading rules are applied to study cross-market linkages between the Taiwan Index futures contracts listed on the Singapore Exchange and the Taiwan Stock Exchange Capitalization-weighted Stock Index futures contracts listed on the Taiwan Futures Exchange. The exchange rate-adjusted returns of the two futures series do not differ significantly in mean but in variances, and show significant mean-reverting tendencies between them. Our trading strategies are able t...

  15. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The Hong Kong Hang Seng index futures is taken as a study object and a method of empirical analysis is adopted in order to verify the validity of the application of the value-at-risk (VaR) method in the risk measurement of the stock index futures market. The results suggest that under normal market conditions it is feasible to apply the VaR method in the measurement of the market risks of stock index futures. The daily VaR value of the stock index futures provides a foreseeable profit and loss of the stock ...

  16. REAKSI INVESTOR ATAS CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI 2011

    Directory of Open Access Journals (Sweden)

    Makaryanawati Makaryanawati

    2017-03-01

    Full Text Available The objective of this study was to determine the capital market reaction on the announcement of CorporateGovernance Perception Index (CGPI 2011. The variables used in this study were stock prices over the closingprice and trading volume of shares. The type of analysis was comparative descriptive study which comparedthe stock price and trading volume before and after the CGPI 2011 award-winning announcement for thecompanies listed in IDX. Observations were made during the period of 10 trading days; five days before andfive days after the CGPI 2011 announcement. The data analysis instrument used in this study was the WilcoxonSigned Ranks Test with significance level á = 5%. The results showed that there was no difference betweenstock prices before and after the announcement of CGPI 2011, there were differences in the trading volumeactivity before and after announcement of CGPI 2011 at the companies of CGPI 2011 winners that were listedin IDX. Based on these results, it could be concluded that stock price of the sample companies could not beaffected by the information content of CGPI 2011 because the sample companies were fundamentally strongcompanies. The award announcement could affect the shares trading volume in the capital market.

  17. Relationship Service Marketing and Investment in Financial Market of Iran

    OpenAIRE

    Mehrdad Alipour; Reza Ahmadi; Hamed Abasi Nami

    2012-01-01

    In competitive world, having expertise, knowledge and marketing experience for financial market activities, especially brokerage firms has proven inevitable. This should be accompanied by performing marketing operations along with intermediary roles and carrying on the daily transactions of shares in the Tehran stock exchange market. The current study aims investigating the level of marketing knowledge used in stock exchange market, identifying the reasons behind deficient use of the marketin...

  18. PRESSURE OF AGEING ON REGIONAL DEVELOPMENT. CHALLENGES AND LIMITS FOR THE LABOUR MARKET

    Directory of Open Access Journals (Sweden)

    Silvia\tPISICĂ

    2015-12-01

    Full Text Available sing official statistics, the paper aims to contribute to regional perspective of labour market challenges and limits and the increasing number of elderly people participating in economic activity. Regional level is considered for analysing the social productivity of labour in terms of GDP and employment. The employment is analysed from the perspective of share and structure of elderly people on the labour market. In this respect, activity rates, ageing index and economic dependency ratio are reviewed. In order to shape the determinants of employment of elderly people, poverty measures at NUTS 2 level are figured out.

  19. Relationship marketing in the b2b market

    Directory of Open Access Journals (Sweden)

    Gligorijević Mirjana

    2009-01-01

    Full Text Available As markets turned more and more competitive, companies had to change their marketing approach. From transactional marketing they are shifting to relationship marketing, trying to increase market share by focusing on their most important customers, implementing the concept of key account management. In this paper we tend to introduce the concept of key account management. In final section of this paper we will analyze effects of implementation of key account management, in terms of potential benefits and cautions. .

  20. On indexes and subject matter of “global competitiveness”

    Directory of Open Access Journals (Sweden)

    A. V. Korotkov

    2017-01-01

    competitiveness and the methodological support development for studying competitiveness in the article presents the following results: two approaches to understanding competitiveness at country level were formulated – market and factor ones; extensive analysis of the factor approach to national competitiveness was given; the theory of market competition gained traction and a logical model of market competition was suggested; notions of the object and subject of choice were introduced, that are key to the characteristics of market competition; grounding for the absence of analogy between competitiveness of a product and a country was put forward; statistical indexes of global competitiveness of countries were characterized and the absence of the shared vison about what such index measures was identified; acceptable cases of analogy of the country’s competitiveness with the seller’s and buyer’s competitiveness were revealed.Conclusion. The research showed that the category of global (national, country competitiveness does not tally with the theory of market competition, which makes its common use difficult without concretizing the content and developing additional grounding. The groundwork on calculating national competitiveness indexes, available in literature, requires justification, but they can and should serve as the theoretical and practical basis for developing a scientifically grounded system of indicators (indexes, characterizing the economic and social spheres of the government activities, and different sides of the national economy. Conducting such a research within the framework of analyzing national competitiveness should not be considered promising. 

  1. A Marketing Case History Profile

    Science.gov (United States)

    Weirick, Margaret C.

    1978-01-01

    A current marketing plan from Temple University illustrates many marketing techniques, including those dealing with enrollment objectives, market objectives, demographic characteristics of Temple students, market share analysis, and the marketing plan. Specific guidelines are provided. (LBH)

  2. What happened to anti-malarial markets after the Affordable Medicines Facility-malaria pilot? Trends in ACT availability, price and market share from five African countries under continuation of the private sector co-payment mechanism.

    Science.gov (United States)

    Tougher, Sarah; Hanson, Kara; Goodman, Catherine

    2017-04-25

    The private sector supplies anti-malarial treatment for large proportions of patients in sub-Saharan Africa. Following the large-scale piloting of the Affordable Medicines Facility-malaria (AMFm) from 2010 to 2011, a private sector co-payment mechanism (CPM) provided continuation of private sector subsidies for quality-assured artemisinin combination therapies (QAACT). This article analyses for the first time the extent to which improvements in private sector QAACT supply and distribution observed during the AMFm were maintained or intensified during continuation of the CPM through 2015 in Kenya, Madagascar, Nigeria, Tanzania and Uganda using repeat cross-sectional outlet survey data. QAACT market share in all five countries increased during the AMFm period (p private sector QAACT availability were maintained or improved. In 2014/15, private sector QAACT availability was greater than 70% in Nigeria (84.3%), Kenya (70.5%), Tanzania (83.0%) and Uganda (77.1%), but only 11.2% in Madagascar. QAACT market share was maintained or improved post-AMFm in Nigeria, Tanzania and Uganda, but statistically significant declines were observed in Kenya and Madagascar. In 2014/5, QAACT market share was highest in Kenya and Uganda (48.2 and 47.5%, respectively) followed by Tanzania (39.2%), Nigeria (35.0%), and Madagascar (7.0%). Four of the five countries experienced significant decreases in median QAACT price during the AMFm period. Private sector QAACT prices were maintained or further reduced in Tanzania, Nigeria and Uganda, but prices increased significantly in Kenya and Madagascar. SP prices were consistently lower than those of QAACT in the AMFm period, with the exception of Kenya and Tanzania in 2011, where they were equal. In 2014/5 QAACT remained two to three times more expensive than the most popular non-artemisinin therapy in all countries except Tanzania. Results suggest that a private sector co-payment mechanism for QAACT implemented at national scale for 5 years was

  3. SharePoint governance

    OpenAIRE

    Ali, Mudassar

    2013-01-01

    Masteroppgave i informasjons- og kommunikasjonsteknologi IKT590 2013 – Universitetet i Agder, Grimstad SharePoint is a web-based business collaboration platform from Microsoft which is very robust and dynamic in nature. The platform has been in the market for more than a decade and has been adapted by large number of organisations in the world. The platform has become larger in scale, richer in features and is improving consistently with every new version. However, SharePoint ...

  4. Predictive validity of the tobacco marketing receptivity index among non-smoking youth.

    Science.gov (United States)

    Braun, Sandra; Abad-Vivero, Erika Nayeli; Mejía, Raúl; Barrientos, Inti; Sargent, James D; Thrasher, James F

    2018-05-01

    In a previous cross-sectional study of early adolescents, we developed a marketing receptivity index (MRI) that integrates point-of-sale (PoS) marketing exposures, brand recall, and ownership of branded merchandise. The MRI had independent, positive associations with smoking susceptibility among never smokers and with current smoking behavior. The current longitudinal study assessed the MRI's predictive validity among adolescents who have never smoked cigarettes METHODS: Data come from a longitudinal, school-based survey of 33 secondary schools in Argentina. Students who had never smoked at baseline were followed up approximately 17months later (n=1700). Questions assessed: PoS marketing exposure by querying frequency of going to stores where tobacco is commonly sold; cued recall of brand names for 3 cigarette packages from dominant brands but with the brand name removed; and ownership of branded merchandise. A four-level MRI was derived: 1.low PoS marketing exposure only; 2. high PoS exposure or recall of 1 brand; 3. recall of 2 or more brands; and 4. ownership of branded merchandise. Logistic regression models regressed smoking initiation by follow up survey on the MRI, each of its components, and students' willingness to try a brand, adjusting for sociodemographics, social network smoking, and sensation seeking. The MRI had an independent positive association with smoking initiation. When analyzed separately, each MRI component was associated with outcomes except branded merchandise ownership. The MRI and its components were associated with smoking initiation, except for branded merchandise ownership, which may better predict smoking progression than initiation. The MRI appears valid and useful for future studies. Copyright © 2018 Elsevier Ltd. All rights reserved.

  5. Distribution characteristics of stock market liquidity

    Science.gov (United States)

    Luo, Jiawen; Chen, Langnan; Liu, Hao

    2013-12-01

    We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

  6. THE APPLICATION OF THE CAPITAL ASSET PRICING MODEL ON THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Bojan Tomic

    2013-12-01

    Full Text Available The paper describes and analyzes the application of the capital asset pricing model (CAPM and the single-index model on the Zagreb stock exchange during the drop in the total trade turnover, and mostly in the trade of equity securities. This model shows through the analysis techniques used to estimate the systematic risk per share compared to the market portfolio. Also, the model quantifies the environment in which a company and its stocks exist, expressing it as risk, or a beta coefficient. Furthermore, with respect to the market stagnation, one can also discuss the usefulness of the model, especially if the quality of the input data is questionable. In this regard, the importance of the proper application and interpretation of the results obtained based on the model during the stagnation of the market, and especially during the stagnation of the trade of equity securities, is gaining even greater importance and significance. On the other hand, the results obtained through the analysis of data point to problems arising during the application of the model. It turns out the main problem of applying the CAPM model is the market index with negative returns during the observation period.

  7. Shared governance in a clinic system.

    Science.gov (United States)

    Meyers, Michelle M; Costanzo, Cindy

    2015-01-01

    Shared governance in health care empowers nurses to share in the decision-making process, which results in decentralized management and collective accountability. Share governance practices have been present in hospitals since the late 1970s. However, shared governance in ambulatory care clinics has not been well established. The subjects of this quality project included staff and administrative nurses in a clinic system. The stakeholder committee chose what model of shared governance to implement and educated clinic staff. The Index of Professional Nursing Governance measured a shared governance score pre- and postimplementation of the Clinic Nursing Council. The Clinic Nursing Council met bimonthly for 3 months during this project to discuss issues and make decisions related to nursing staff. The Index of Professional Nursing Governance scores indicated traditional governance pre- and postimplementation of the Clinic Nursing Council, which is to be expected. The stakeholder committee was beneficial to the initial implementation process and facilitated staff nurse involvement. Shared governance is an evolutionary process that develops empowered nurses and nurse leaders.

  8. Emerging Market Attractiveness Index for hydro IPPs

    OpenAIRE

    Weaver, Tyson John

    2013-01-01

    This article addresses two primary commercial themes that affect the future development of the industry. 1. What are the most attractive future emerging markets for hydropower? 2. What parameters are utilized by international hydro IPPs to determine market attractiveness?

  9. Market Reactions to Actual Open-Market Share Repurchases - A non-US empirical study

    DEFF Research Database (Denmark)

    Thinggaard, Frank

    2002-01-01

    with less attention by financial analysts and thus presumably with more general information asymmetry between management and the market. However, contrary to US evidence variables intended to capture intangible assets, idle cash, and prior period profitability are not significant in explaining the market...

  10. Indexation and causation of financial markets

    CERN Document Server

    Tanokura, Yoko

    2015-01-01

    This book presents a new statistical method of constructing a price index of a financial asset where the price distributions are skewed and heavy-tailed and investigates the effectiveness of the method. In order to fully reflect the movements of prices or returns on a financial asset, the index should reflect their distributions. However, they are often heavy-tailed and possibly skewed, and identifying them directly is not easy. This book first develops an index construction method depending on the price distributions, by using nonstationary time series analysis. Firstly, the long-term trend of the distributions of the optimal Box–Cox transformed prices is estimated by fitting a trend model with time-varying observation noises. By applying state space modeling, the estimation is performed and missing observations are automatically interpolated. Finally, the index is defined by taking the inverse Box–Cox transformation of the optimal long-term trend. This book applies the method to various financial data. ...

  11. Long Term Trend Analysis in the Capital Market – The Case of Serbia

    Directory of Open Access Journals (Sweden)

    Radukić Snežana

    2014-09-01

    Full Text Available The paper explores the possibility of making investment decisions in emerging markets by using the trend analysis method on a particular example of the capital market in Serbia. The authors, starting from the common features of technical analysis, have analysed the common share index value in the capital market in Serbia, in the Belgrade Stock Exchange - Belexline from 1 March 2006 to 31 March 2009, by the usage of two moving averages method - Moving Average Convergence Divergence (MACD: an intermediate term of 50 days and a long-term one of 100 days. The above mentioned moving averages identify the establishment of a trend, the cessation of the existing one, a change and an establishment of the new one.

  12. Markets China Defends its Index Future

    Institute of Scientific and Technical Information of China (English)

    JESSY ZHANG

    2006-01-01

    @@ On September 5th, the Singapore Exchange(SGX) launched the world's first index futures based on stocks listed in the Chinese mainland, despite the fact that index compiler FTSE/Xinhua was in the process of being sued by two Chinese companies that manage data for the Chinese stock exchanges.

  13. The relationship between in-store marketing and observed sales of sustainable products : A shopper marketing view

    NARCIS (Netherlands)

    van Nierop, E.; van Herpen, E.; Sloot, L.M.

    2011-01-01

    To stimulate sales of sustainable products, retailers need to know whether their in-store instruments effectively influence their market shares. This study uses actual sales data and a multilevel modeling approach to describe the market shares of sustainable brands according to price level, price

  14. Predicting the Potential Market for Electric Vehicles

    DEFF Research Database (Denmark)

    Jensen, Anders Fjendbo; Cherchi, Elisabetta; Mabit, Stefan Lindhard

    2017-01-01

    diffusion models in marketing research use fairly simple demand models. In this paper we discuss the problem of predicting market shares for new products and suggest a method that combines advanced choice models with a diffusion model to take into account that new products often need time to gain......Forecasting the potential demand for electric vehicles is a challenging task. Because most studies for new technologies rely on stated preference (SP) data, market share predictions will reflect shares in the SP data and not in the real market. Moreover, typical disaggregate demand models...... are suitable to forecast demand in relatively stable markets, but show limitations in the case of innovations. When predicting the market for new products it is crucial to account for the role played by innovation and how it penetrates the new market over time through a diffusion process. However, typical...

  15. Auto Market

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    <正> Editor’s notes: As China’s WTO entry is drawing near, Chinese people are witnessing the marketing activities of foreign automakers in China: establishing new firms and promoting new vehicles, etc. In face of the enormous Chinese market, foreign automakers are busy in establishing their brand images, fostering consumption population in order to take more market shares in the future.

  16. The beef market in the European Union

    DEFF Research Database (Denmark)

    Nielsen, Niels Asger

    small with the largest slaughtering company slaughtering only 3% of the total. 9. Relations between industry (slaughterhouses) and farmers tend to be much looser in the beef market than it is in other agricultural markets, eg the milk market. Cattle markets are still quite important although the share......'s share of total meat consumption 3. As a consequence of the consumers' demand for convenient shopping, butcher's share of total beef sales is rapidly decreasing in Europe. 4. Changes in meat consumption have traditionally been explained by relative price and per capita income, but these economic demand...... analyses can explain a rapidly decreasing share of the variation in beef consumption. 5. Studies show that beef consumption tends to increase with age; the heavy users are found among middle-aged men. Beef consumption also increases with income and social class. 6. The most important user-oriented quality...

  17. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    Directory of Open Access Journals (Sweden)

    Popovici Andreea Nicoleta

    2014-06-01

    Full Text Available Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisition does not improve the value market of the shares of the bidder bank.

  18. Supporting the Development and Adoption of Automatic Lameness Detection Systems in Dairy Cattle: Effect of System Cost and Performance on Potential Market Shares.

    Science.gov (United States)

    Van De Gucht, Tim; Van Weyenberg, Stephanie; Van Nuffel, Annelies; Lauwers, Ludwig; Vangeyte, Jürgen; Saeys, Wouter

    2017-10-08

    Most automatic lameness detection system prototypes have not yet been commercialized, and are hence not yet adopted in practice. Therefore, the objective of this study was to simulate the effect of detection performance (percentage missed lame cows and percentage false alarms) and system cost on the potential market share of three automatic lameness detection systems relative to visual detection: a system attached to the cow, a walkover system, and a camera system. Simulations were done using a utility model derived from survey responses obtained from dairy farmers in Flanders, Belgium. Overall, systems attached to the cow had the largest market potential, but were still not competitive with visual detection. Increasing the detection performance or lowering the system cost led to higher market shares for automatic systems at the expense of visual detection. The willingness to pay for extra performance was €2.57 per % less missed lame cows, €1.65 per % less false alerts, and €12.7 for lame leg indication, respectively. The presented results could be exploited by system designers to determine the effect of adjustments to the technology on a system's potential adoption rate.

  19. 2018-06-04T07:41:54Z https://www.ajol.info/index.php/index/oai oai ...

    African Journals Online (AJOL)

    ... ajlex:ART The economic analysis of beef marketing in Akure, Ondo State ... of 110 respondents were randomly selected from three markets in the study area. ... and transportation cost constituted the highest share of the total marketing cost.

  20. Unfit for work: Health and labour-market prospects.

    Science.gov (United States)

    Böckerman, Petri; Maczulskij, Terhi

    2018-02-01

    The aim of this study was to examine whether health status (number of chronic diseases, health shock and use of tranquilizers/sleeping pills) is related to labour-market outcomes later in life. Twin data for Finnish men and women who were at least 33 years old in 1990 were linked to comprehensive register-based information on unemployment and the incidence of disability pension. We used the within-twin dimension of the data to account for shared family and genetic factors. Self-reported information on the number of diagnosed chronic diseases, health shock and drug use were obtained from the 1975 and 1981 twin surveys, when the twins were at least 18 years old. Unemployment months and the incidence of disability pension were measured during prime working age over the 1990-2004/2009 period. Poor health status is significantly positively related to unemployment and the incidence of disability pension. The results are robust to controlling for shared family and genetic factors and the key measures of risky health behaviours (alcohol use, lifetime smoking and body mass index). Health status is a fundamental determinant of long-term labour-market outcomes.

  1. The Equity Share in New Issues and Aggregate Stock Returns

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    1999-01-01

    The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity than debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period, and after controlling for other known predictors. We do not find support for efficient market ex

  2. Evidence of long range dependence in Asian equity markets: the role of liquidity and market restrictions

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-11-01

    In this paper, the efficient market hypothesis is tested for China, Hong Kong and Singapore by means of the long memory dependence approach. We find evidence suggesting that Hong Kong is the most efficient market followed by Chinese A type shares and Singapore and finally by Chinese B type shares, which suggests that liquidity and capital restrictions may play a role in explaining results of market efficiency tests.

  3. Share2Quit: Online Social Network Peer Marketing of Tobacco Cessation Systems.

    Science.gov (United States)

    Sadasivam, Rajani S; Cutrona, Sarah L; Luger, Tana M; Volz, Erik; Kinney, Rebecca; Rao, Sowmya R; Allison, Jeroan J; Houston, Thomas K

    2017-03-01

    Although technology-assisted tobacco interventions (TATIs) are effective, they are underused due to recruitment challenges. We tested whether we could successfully recruit smokers to a TATI using peer marketing through a social network (Facebook). We recruited smokers on Facebook using online advertisements. These recruited smokers (seeds) and subsequent waves of smokers (peer recruits) were provided the Share2Quit peer recruitment Facebook app and other tools. Smokers were incentivized for up to seven successful peer recruitments and had 30 days to recruit from date of registration. Successful peer recruitment was defined as a peer recruited smoker completing the registration on the TATI following a referral. Our primary questions were (1) whether smokers would recruit other smokers and (2) whether peer recruitment would extend the reach of the intervention to harder-to-reach groups, including those not ready to quit and minority smokers. Overall, 759 smokers were recruited (seeds: 190; peer recruits: 569). Fifteen percent (n = 117) of smokers successfully recruited their peers (seeds: 24.7%; peer recruits: 7.7%) leading to four recruitment waves. Compared to seeds, peer recruits were less likely to be ready to quit (peer recruits 74.2% vs. seeds 95.1%), more likely to be male (67.1% vs. 32.9%), and more likely to be African American (23.8% vs. 10.8%) (p marketing quadrupled our engaged smokers and enriched the sample with not-ready-to-quit and African American smokers. Peer recruitment is promising, and our study uncovered several important challenges for future research. This study demonstrates the successful recruitment of smokers to a TATI using a Facebook-based peer marketing strategy. Smokers on Facebook were willing and able to recruit other smokers to a TATI, yielding a large and diverse population of smokers. © The Author 2016. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco. All rights reserved. For

  4. Letting Your Personal Health Information Be Used and Shared for Research

    Science.gov (United States)

    ... research study as my okay to share my information for marketing? No. The Privacy Rule does not allow a ... use your authorization to use or share your information for research as an authorization for marketing. What can I do if I think someone ...

  5. Information Sharing and Channel Construction of Supply Chain under Asymmetric Demand Information

    Directory of Open Access Journals (Sweden)

    Guangdong Wu

    2014-01-01

    Full Text Available Information sharing and marketing channel building have become an important problem of supply chain management theory and practice. The research of information sharing focused on traditional channel of supply chain between upstream and downstream enterprises; however, the research ignores the behavior of information sharing with potential entrants and composite structure characteristics about traditional marketing channel with the direct channel. This paper uses the model to research the effects brought about sharing demand information with potential entrants and building marketing channel, which reveals information sharing and channel building mechanism in the supply chain. The study found that the five-force model of Porter regards potential entrants only as a threat that is one-sided. When the channel competitiveness meets certain conditions, manufacturer and retailer will share demand information with potential entrants. Building composite marketing channel is the manufacturer's absolute dominant strategy. Channel construction will increase the entry barriers for potential entrants and weaken the effect of double marginalization; meanwhile, the performance of supply chain will be augmented.

  6. Markets Share Models for EVs

    DEFF Research Database (Denmark)

    Jensen, Thomas Christian; Christensen, Linda

    for the transport sector is announced to be a reduction of greenhouse gas emissions by 20% in 2020 compared to 2005. It is the plan to obtain part of this reduction through the EU targets of 10% renewable energy by 2020 in surface transport and a requirement for EU car producers to lower average CO2 emissions from...... to the end of 2015. More ambitious greenhouse gas reductions are announced and EV’s may contrib-ute to such targets. However, no specific target has been set for the share of electric vehicles. In order to investigate the potential role of electric vehicles (EVs), DTU transport has construct-ed a small car...

  7. Pricing Shared Appreciation Mortgages

    OpenAIRE

    Zhong, Yina

    2006-01-01

    This paper develops a model for the valuation of shared appreciation mortgage (SAM) and examines the effect of reduction in interest rate on the mortgage duration and share of property appreciation lender charges. The recent rise in SAM availability, as a result of some secondary market financial support and prerequisite standardization, motivates a more careful consideration of the underlying SAM value. The primary difference between the SAM model and the model for general traditional mor...

  8. Enhanced index tracking modelling in portfolio optimization

    Science.gov (United States)

    Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin

    2013-09-01

    Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

  9. DYNAMICS OF MUTUAL FUNDS IN RELATION TO STOCK MARKET: A VECTOR AUTOREGRESSIVE CAUSALITY ANALYSIS

    Directory of Open Access Journals (Sweden)

    Md. Shahadath Hossain

    2013-01-01

    Full Text Available In Bangladesh, primary and secondary mutual fund markets behave in a completely different way, where initial public offering (IPO investors of mutual funds earn more than 250 percent rerun, whereas secondary market investors cannot even manage to cover the opportunity cost of their investment. There are few other abnormalities present in this market – unlike everywhere in the world, most of the mutual funds are closed-end (92 percent and closed-end mutual funds are barred to issue bonus or right shares. A total of 714 day’s observations, from January 2008 to December 2010, of four variables– DSE (Dhaka Stock Exchange general index return, DSE general index turnover, mutual funds’ return and mutual funds’ turnover– are utilized. Stationarity of the variables are tested with Augmented Dickey-Fuller (ADF unit root test and found that variables are in different order of integration. Long-term equilibrium relationships among the variables are tested with Johansen cointegration and it is found that DSE general index return and mutual funds’ return are cointegrated. Toda-Yamamoto (TY version of granger non-causality test is employed and bidirectional causality is found moving from DSE (Dhaka Stock Exchange general index turnover to DSE general index return, whereas unidirectional causality is found moving from mutual fund’s return to DSE general index return, mutual funds’ return to mutual funds turnover, and DSE general index turnover to mutual funds turnover. This finding helps to conclude that equity shares’ demand drives the mutual funds demand but even higher demand of mutual funds fails to raise its own price unless underlying value of the mutual funds changes.

  10. Complexity study on the Cournot-Bertrand mixed duopoly game model with market share preference

    Science.gov (United States)

    Ma, Junhai; Sun, Lijian; Hou, Shunqi; Zhan, Xueli

    2018-02-01

    In this paper, a Cournot-Bertrand duopoly model with market share preference is established. Assume that there is a degree of product difference between the two firms, where one firm takes the price as a decision variable and the other takes the quantity. Both firms are bounded rational, with linear cost functions and demand functions. The stability of the equilibrium points is analyzed, and the effects of some parameters (α, β, d and v1) on the model stability are studied. Basins of attraction are investigated and the evolution process is shown with the increase in the output adjustment speed. The simulation results show that instability will lead to the increase in the average utility of the firm that determines the quantity and reduce the average utility of the firm that determines price.

  11. Sharing data increases citations

    DEFF Research Database (Denmark)

    Drachen, Thea Marie; Ellegaard, Ole; Larsen, Asger Væring

    2016-01-01

    This paper presents some indications to the existence of a citation advantage related to sharing data using astrophysics as a case. Through bibliometric analyses we find a citation advantage for astrophysical papers in core journals. The advantage arises as indexed papers are associated with data...... by bibliographical links, and consists of papers receiving on average significantly more citations per paper per year, than do papers not associated with links to data.......This paper presents some indications to the existence of a citation advantage related to sharing data using astrophysics as a case. Through bibliometric analyses we find a citation advantage for astrophysical papers in core journals. The advantage arises as indexed papers are associated with data...

  12. Market based generation: A promising market management option

    International Nuclear Information System (INIS)

    Siddiqi, R.

    1992-01-01

    It is proposed to ease the tension between demand management and supply side management at electric utilities through the introduction of a concept called market management. Market management provides a framework for developing and evaluating the attractiveness of new products and services such as dispersed generation hardware, implementation services, and complementary pricing structures. A market management strategy is the definition of market segments, creating products for those segments, evaluation of the profitability of the product-segment combinations, commitment of resources to those segments, and development of product and marketing plans for those segments. A brief analysis of backup generation is presented as an example of market management. In this example, the customer that is backed up shares some portion of the capital and maintenance costs of the backup unit through priority service rates; the utility and customers that are not backed up can obtain the use of the generating resource but pay only a portion of its costs. Backup generation programs have been found to provide utilities with the ability to meet peak load requirements more cheaply than by investing in peaking capacity. Other benefits for utilities include protection of market share, more efficient rates, and a new source of revenues. With the advances in the technology of small-scale generation, utilities can examine bundling various pricing options with market based generation to offer alternative value-added service options to customer segments with demand characteristics that make these technologies attractive. 3 figs

  13. Portfolio optimization in enhanced index tracking with goal programming approach

    Science.gov (United States)

    Siew, Lam Weng; Jaaman, Saiful Hafizah Hj.; Ismail, Hamizun bin

    2014-09-01

    Enhanced index tracking is a popular form of passive fund management in stock market. Enhanced index tracking aims to generate excess return over the return achieved by the market index without purchasing all of the stocks that make up the index. This can be done by establishing an optimal portfolio to maximize the mean return and minimize the risk. The objective of this paper is to determine the portfolio composition and performance using goal programming approach in enhanced index tracking and comparing it to the market index. Goal programming is a branch of multi-objective optimization which can handle decision problems that involve two different goals in enhanced index tracking, a trade-off between maximizing the mean return and minimizing the risk. The results of this study show that the optimal portfolio with goal programming approach is able to outperform the Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

  14. Assessing market competition and vendors' size and scope on AlphaBay.

    Science.gov (United States)

    Paquet-Clouston, Masarah; Décary-Hétu, David; Morselli, Carlo

    2018-04-01

    Since 2011, drug market participants have traded illegal drugs through cryptomarkets, a user-friendly infrastructure in which drug market participants can conduct business transactions. This study assesses market competition and the size and scope of drug vendors' activities on one of the largest cryptomarkets, AlphaBay, in order to better understand the challenges that drug vendors face when selling on this venue. Relying on data collected from AlphaBay, we calculate the degree of competition within the drug market using the Herfindhal-Hirshmann Index (HHI). We then follow a micro analytical approach and assess the size and scope of vendors' accounts. This is done by evaluating each vendor's market share over time using a group-based trajectory model (GBTM). Results from the GBTM are then used to assess vendors' exposure, diversity and experience based on their selling position in the market. The HHI scores demonstrate that cryptomarkets offer a highly competitive environment that fits in a top-heavy market structure. However, the distribution of vendors' market share trajectories shows that only a small portion of vendors (referred to as high-level vendors) succeed in generating regular sales, whereas the majority of vendors are relegated to being mere market spectators with almost zero sales. This inequality is exacerbated by the aggressive advertising of high-level vendors who post many listings. Overall, product diversity and experience is limited for all market participants regardless of their level of success. We interpret these results through Reuter's work on traditional illegal markets, e-commerce studies and the growing field of cryptomarket research. We conclude that, while offering a new venue for illegal drug transactions, in many ways, the economics of cryptomarkets for drug dealing are consistent with Reuter's classic assessment of illegal markets and the consequences of product illegality that underlie it. Cryptomarkets conflicting features, a

  15. The current state of the market for corporate acquisitions

    International Nuclear Information System (INIS)

    Korpach, A.N.

    1998-01-01

    The main factors which determine when the oil and gas industry is in a seller's market or a buyer's market mode were discussed. In a seller's market, the number of potential buyers for assets exceeds the number of sellers. Therefore, sellers could obtain good prices for their assets. Such was the case from 1995 to 1997. For 1998, the level of merger and acquisition activity was high and is expected to remain strong for 1999, but the market appears to be firmly a buyer's market (more sellers than potential buyers). The reasons for this are as follows: (1) restricted access to capital, (2) declining stock prices/values, (3) significant supply of assets, and (4) acquisition costs now in line with finding and development costs. The question of whether or not acquisitions add value was also discussed. It was noted that share price performance of those companies making acquisitions during the period was comparable to that of the TSE oil and gas producers index. A list of some Canadian and U.S. companies which completed significant acquisitions in 1997 and 1998 was included. 10 figs

  16. Asia-Pacific lube oil markets

    International Nuclear Information System (INIS)

    Yamaguchi, N.

    2001-01-01

    An overview of the Asia-Pacific (AP) lubricating oils market, its special characteristics, and its role in the global economy are presented. In the 'boom and bust' years of 1997-1999, the Asia-Pacific market was even bigger then the US market. For the short-term, the scenario is surplus capacity and poor margins, but in the long term there is enormous potential for growth. How fuel demand and quality is related to engine type is discussed. The three basic grades of baseoils are described, and the Asia-Pacific lube demand and the Asia-Pacific lube oil supply are discussed. There are 15 diagrams giving data on: (i) finished lubes in world markets as a percentage of total; (ii) how lube demand follows GDP per capita in Asia; (iii) AP baseoil capacity relationships; (iv) AP baseoil disposition by end use; (v) AP changing shares of baseoil demand; (vi) AP finished lube demand by subregion; (vii) AP finished lube demand growth, indexed; (viii) AP baseoil capacity by region; Singapore baseoil vs. Dubai crude prices, 1992-99; (ix) Singapore baseoil vs. crude prices, 1992-99; (x) AP baseoil deficit moved to surplus; (xi) AP baseoil production; (xii) East Asia net percentage change in lube sales, 1997-1999. (xiii) Southeast Asia net percentage change in lube sales, 1997-1999; (xiv) South East Asia and Australia net percentage change in lube sales, 1997-1999 and (xv) Asia-Pacific major lube marketers

  17. Viral Marketing

    OpenAIRE

    Sorina Raula Gîrboveanu; Silvia Puiu

    2008-01-01

    With consumers showing increasing resistance to traditional forms of advertising such as TV or newspaper ads, marketers have turned to alternate strategies, including viral marketing. Viral marketing exploits existing social networks by encouraging customers to share product information with their friends.In our study we are able to directly observe the effectiveness of person to person word of mouth advertising for hundreds of thousands of products for the first time

  18. 21 CFR 516.157 - Publication of the index and content of an index listing.

    Science.gov (United States)

    2010-04-01

    ... 21 Food and Drugs 6 2010-04-01 2010-04-01 false Publication of the index and content of an index... MINOR SPECIES Index of Legally Marketed Unapproved New Animal Drugs for Minor Species § 516.157 Publication of the index and content of an index listing. (a) FDA will make the list of indexed drugs...

  19. Permission-based Index Clustering for Secure Multi-User Search

    OpenAIRE

    Eirini C. Micheli; Giorgos Margaritis; Stergios V. Anastasiadis

    2015-01-01

    Secure keyword search in shared infrastructures prevents stored documents from leaking sensitive information to unauthorized users. A shared index provides confidentiality if it is exclusively used by users authorized to search all the indexed documents. We introduce the Lethe indexing workflow to improve query and update efficiency in secure keyword search. The Lethe workflow clusters together documents with similar sets of authorized users, and creates shared indices for configurable docume...

  20. The effect of financial ratios on systematic risk index

    Directory of Open Access Journals (Sweden)

    Ali Faez

    2013-11-01

    Full Text Available This paper investigates the relationship between financial ratios and indicator of systemic risk in the Tehran Stock Exchange. The study selects 73 manufacturing companies of the Tehran Stock Exchange market over the period 2003-2010. The study first calculates the independent variables in the form of financial ratios and then the ratios affecting the systematic risk index are extracted using entropy method. The output of this stage is the introduction of five influential financial indicators as the independent variables of the study. Using t-test and Pearson correlation coefficient the rate of independent variables effect on the systematic risk index is evaluated and finally, using stepwise regression method, the effect of independent variables on the dependent variable is examined. According to results of our survey, the correlation coefficient of such indices as “the ratio of stock price to the profit of each share”, “Current ratio”, “each share profit ratio” and “the stockholders rights return ratio” have respectively the highest correlation with the systematic risk index.

  1. Exploring the Sharing Economy

    DEFF Research Database (Denmark)

    Netter, Sarah

    Despite the growing interest on the part of proponents and opponents - ranging from business, civil society, media, to policy-makers alike - there is still limited knowledge about the working mechanisms of the sharing economy. The thesis is dedicated to explore this understudied phenomenon...... and to provide a more nuanced understanding of the micro- and macro-level tensions that characterize the sharing economy. This thesis consists of four research papers, each using different literature, methodology, and data sets. The first paper investigates how the sharing economy is diffused and is ‘talked......-level tensions experience by sharing platforms by looking at the case of mobile fashion reselling and swapping markets. The final paper combines the perspectives of different sharing economy stakeholders and outlines some of the micro and macro tensions arising in and influencing the organization of these multi...

  2. Retail markets. Electricity and natural gas retail markets Observatory 2. Quarter 2014

    International Nuclear Information System (INIS)

    2014-06-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  3. Retail markets. Electricity and natural gas retail markets Observatory 1. Quarter 2015

    International Nuclear Information System (INIS)

    2015-03-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  4. Retail markets. Electricity and natural gas retail markets Observatory 3. Quarter 2015

    International Nuclear Information System (INIS)

    2015-09-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  5. Retail markets. Electricity and natural gas retail markets Observatory 4. Quarter 2015

    International Nuclear Information System (INIS)

    2015-12-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  6. Retail markets. Electricity and natural gas retail markets Observatory 1. Quarter 2016

    International Nuclear Information System (INIS)

    2016-03-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  7. Retail markets. Electricity and natural gas retail markets Observatory 2. Quarter 2015

    International Nuclear Information System (INIS)

    2015-06-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  8. Retail markets. Electricity and natural gas retail markets Observatory 4. Quarter 2013

    International Nuclear Information System (INIS)

    2013-12-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  9. Retail markets. Electricity and natural gas retail markets Observatory 1. Quarter 2014

    International Nuclear Information System (INIS)

    2014-03-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  10. Retail markets. Electricity and natural gas retail markets Observatory 3. Quarter 2014

    International Nuclear Information System (INIS)

    2014-09-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  11. Retail markets. Electricity and natural gas retail markets Observatory 3. Quarter 2013

    International Nuclear Information System (INIS)

    2013-09-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  12. Retail markets. Electricity and natural gas retail markets Observatory 4. Quarter 2014

    International Nuclear Information System (INIS)

    2014-12-01

    The retail markets Observatory aims to provide general monitoring indicators of electricity and natural gas retail markets in France. This Observatory is updated on a Quarterly basis and published on CRE's web site (www.cre.fr). The first part of the report summarises the highlights of the electricity market (situation, market shares, suppliers, sales, dynamic analysis, regulated prices). The natural gas market is detailed in the second part

  13. The impact of product market competition on transactions with related parties and company performance

    Directory of Open Access Journals (Sweden)

    Mojtaba Asadi

    2015-03-01

    Full Text Available This paper presents an empirical investigation on the effect of product market competition on transactions with related parties and company performance. The study selects a sample of 250 randomly selected firms whose common shares were traded on Tehran Stock Exchange. The study uses Herfindahl-Hirschman Index (HHI to measure the market concentration and uses historical information over the period 2008-2012 to examine the hypotheses of the survey. Using simple regression analysis, the study has detected a positive relationship between HHI and related party transactions. In addition, the study has detected a negative relationship between competition and company performance measured by return on assets.

  14. How Macroecomic Factors Influence the Commodity Market in the Financialization Period: The Case of S & P GSCI Commodity Index

    Directory of Open Access Journals (Sweden)

    Kamil Smolík

    2014-01-01

    Full Text Available In connection to the process of financialization of commodity markets which is caused by the sharp increase of money flowing into the commodity markets, the question of which factors affect commodity and commodity indices prices is discussed. In this article, the importance of chosen macroeconomic determinants to the price variability of one of the most important commodity indexes S & P GSCI by using the Boosted Trees method is quantified. The results obtained in the research show that changes in the monthly values of macroeconomic determinants reflect and can, according to the model used, explain the volatility of the monthly average index S & P GSCI Total Return to more than 75%. The most important macroeconomic determinants proved to be Nominal Effective Exchange Rate of USD or US – Short-term interest rates.

  15. Dynamic Modeling of CDS Index Tranche Spreads

    DEFF Research Database (Denmark)

    Dorn, Jochen

    This paper provides a Market Model which implies a dynamics for standardized CDS index tranche spreads, i.e. tranches which securitise CDS index series and dispose of predefined subordination. This model is useful for pricing options on tranches with future Issue Dates as well as for modeling...... options on structured credit derivatives. With the upcoming regulation of the CDS market in perspective, the model presented here is also an attempt to face the effects on pricing approaches provoked by an eventual Clearing Chamber . It becomes also possible to calibrate Index Tranche Options with bespoke...... tenors/tranche subordination to market data obtained by more liquid Index Tranche Options with standard characteristics....

  16. Analysis of Spain´s competitiveness in the European tomato market: An application of the Constant Market Share method

    Directory of Open Access Journals (Sweden)

    Mercedes Capobianco-Uriarte

    2017-12-01

    Full Text Available This paper presents a quantitative analysis of the competitiveness of Spanish tomato export compared with its major competitors in the European Union market countries (EU28. The methodological framework is implemented through Constant Market Share to analyze variations in exports, allowing the portion attributable to competitiveness and segregation into general or specific competitiveness to be quantified. This analysis was carried out with the 2005-2009 and 2010-2014 periods to see if there had been a recovery from the global financial and economic crisis of 2007 in the Spanish tomato trade. Before the global economic and financial crisis, Spain had a positive structural effect of exports which contributed significantly to the growth of tomato sales to the EU, but had a negative change in the volume of exports to the EU28, mainly due to the negative effect of the competitiveness component. According to the segregation effect of competitiveness, a marked general negative competitive effect was evident, that cannot be offset by the positive effect of specific competitiveness. Since 2010, Spain has experienced a positive change in the volume of its tomato exports to the EU28, the competitiveness component also being positive, due to positive investment of the component of general competitiveness and whose greatest contribution was the positive effect of specific competitiveness. Within the group of competitors, Spain is the only country supplying tomatoes to the EU28 that has experienced a positive change in volume when comparing business performance of 2010-2014 vs 2005-2009.

  17. Analysis of Spain´s competitiveness in the European tomato market: An application of the Constant Market Share method

    International Nuclear Information System (INIS)

    Capobianco-Uriarte, M.; Aparicio, J.; Pablo-Valenciano, J. de

    2017-01-01

    This paper presents a quantitative analysis of the competitiveness of Spanish tomato export compared with its major competitors in the European Union market countries (EU28). The methodological framework is implemented through Constant Market Share to analyze variations in exports, allowing the portion attributable to competitiveness and segregation into general or specific competitiveness to be quantified. This analysis was carried out with the 2005-2009 and 2010-2014 periods to see if there had been a recovery from the global financial and economic crisis of 2007 in the Spanish tomato trade. Before the global economic and financial crisis, Spain had a positive structural effect of exports which contributed significantly to the growth of tomato sales to the EU, but had a negative change in the volume of exports to the EU28, mainly due to the negative effect of the competitiveness component. According to the segregation effect of competitiveness, a marked general negative competitive effect was evident, that cannot be offset by the positive effect of specific competitiveness. Since 2010, Spain has experienced a positive change in the volume of its tomato exports to the EU28, the competitiveness component also being positive, due to positive investment of the component of general competitiveness and whose greatest contribution was the positive effect of specific competitiveness. Within the group of competitors, Spain is the only country supplying tomatoes to the EU28 that has experienced a positive change in volume when comparing business performance of 2010-2014 vs 2005-2009.

  18. Analysis of Spain´s competitiveness in the European tomato market: An application of the Constant Market Share method

    Energy Technology Data Exchange (ETDEWEB)

    Capobianco-Uriarte, M.; Aparicio, J.; Pablo-Valenciano, J. de

    2017-07-01

    This paper presents a quantitative analysis of the competitiveness of Spanish tomato export compared with its major competitors in the European Union market countries (EU28). The methodological framework is implemented through Constant Market Share to analyze variations in exports, allowing the portion attributable to competitiveness and segregation into general or specific competitiveness to be quantified. This analysis was carried out with the 2005-2009 and 2010-2014 periods to see if there had been a recovery from the global financial and economic crisis of 2007 in the Spanish tomato trade. Before the global economic and financial crisis, Spain had a positive structural effect of exports which contributed significantly to the growth of tomato sales to the EU, but had a negative change in the volume of exports to the EU28, mainly due to the negative effect of the competitiveness component. According to the segregation effect of competitiveness, a marked general negative competitive effect was evident, that cannot be offset by the positive effect of specific competitiveness. Since 2010, Spain has experienced a positive change in the volume of its tomato exports to the EU28, the competitiveness component also being positive, due to positive investment of the component of general competitiveness and whose greatest contribution was the positive effect of specific competitiveness. Within the group of competitors, Spain is the only country supplying tomatoes to the EU28 that has experienced a positive change in volume when comparing business performance of 2010-2014 vs 2005-2009.

  19. Implementing evidence-based practices for youth in an HMO: the roles of external ratings and market share.

    Science.gov (United States)

    Hamilton, John; Daleiden, Eric; Dopson, Sue

    2011-05-01

    A qualitative study of child clinicians in a non-profit HMO examined implementation of evidence-based practices (EBPs) for anxiety and oppositional defiant disorders using interviews and focus groups with 33 clinicians (97% of participants), and ethnography of emails and meetings. Analysis showed statistical measures of access and service-key elements of rating organizations' "report cards"- were central in creating "pressure" making transition to EBPs difficult. EBPs were secondary to access and service targets. "Research" and "statistics" were perceived as unrealistic, "literature" as lacking authority. Rating organizations should include outcome and fidelity metrics to align market share pressures with children's health.

  20. IS CAPM AN EFFICIENT MODEL? ADVANCED VERSUS EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Iulian IHNATOV

    2015-10-01

    Full Text Available CAPM is one of the financial models most widely used by the investors all over the world for analyzing the correlation between risk and return, being considered a milestone in financial literature. However, in recently years it has been criticized for the unrealistic assumptions it is based on and for the fact that the expected returns it forecasts are wrong. The aim of this paper is to test statistically CAPM for a set of shares listed on New York Stock Exchange, Nasdaq, Warsaw Stock Exchange and Bucharest Stock Exchange (developed markets vs. emerging markets and to compare the expected returns resulted from CAPM with the actually returns. Thereby, we intend to verify whether the model is verified for Central and Eastern Europe capital market, mostly dominated by Poland, and whether the Polish and Romanian stock market index may faithfully be represented as market portfolios. Moreover, we intend to make a comparison between the results for Poland and Romania. After carrying out the analysis, the results confirm that the CAPM is statistically verified for all three capital markets, but it fails to correctly forecast the expected returns. This means that the investors can take wrong investments, bringing large loses to them.

  1. Exploring the marketing challenges faced by assembled computer dealers

    OpenAIRE

    Kallimani, Rashmi

    2010-01-01

    There has been a great competition in computer market these days for obtaining higher market share. Computer market consisting of many branded and non branded players have been using various methods for matching the supply and demand in best possible way for attaining market dominance. Branded companies are seen to be investing large amount in aggressive marketing techniques for reaching the customers and obtaining higher market share. Due to this many small companies and non branded computer...

  2. Catch shares slow the race to fish

    Science.gov (United States)

    Birkenbach, Anna M.; Kaczan, David J.; Smith, Martin D.

    2017-04-01

    In fisheries, the tragedy of the commons manifests as a competitive race to fish that compresses fishing seasons, resulting in ecological damage, economic waste, and occupational hazards. Catch shares are hypothesized to halt the race by securing each individual’s right to a portion of the total catch, but there is evidence for this from selected examples only. Here we systematically analyse natural experiments to test whether catch shares reduce racing in 39 US fisheries. We compare each fishery treated with catch shares to an individually matched control before and after the policy change. We estimate an average policy treatment effect in a pooled model and in a meta-analysis that combines separate estimates for each treatment-control pair. Consistent with the theory that market-based management ends the race to fish, we find strong evidence that catch shares extend fishing seasons. This evidence informs the current debate over expanding the use of market-based regulation to other fisheries.

  3. Resource sharing in wireless networks: The SAPHYRE approach

    NARCIS (Netherlands)

    Jorswieck, E.A.; Badia, L.; Fahldieck, T.; Gesbert, D.; Gustafsson, S.; Haardt, M.; Ho, K.-M.; Karipidis, E.; Kortke, A.; Larsson, E.G.; Mark, H.; Nawrocki, M.; Piesiewicz, R.; Römer, F.; Schubert, M.; Sykora, J.; Trommelen, P.H.; Ende, B.D. van; Zorzi, M.

    2010-01-01

    Physical resource sharing between wireless operators and service providers is necessary in order to support efficient, competitive, and innovative wireless communication markets. By sharing resources, such as spectrum or infrastructure, which are usually exclusively allocated interference is created

  4. Intra- and Inter-Regional Return and Volatility Spillovers Across Emerging and Developing Markets: Evidence from Stock Indices and Stock Index Futures

    OpenAIRE

    Yarovaya, Larisa; Brzeszczynski, Janusz; Lau, Marco Chi Keung

    2016-01-01

    We provide empirical evidence on the patterns of intra- and inter-regional transmission of information across 10 developed and 11 emerging markets in Asia, the Americas, Europe and Africa using both stock indices and stock index futures. The main transmission channels are examined in the period from 2005 to 2014 through the analysis of return and volatility spillovers around the most recent crises based on the generalized vector autoregressive framework. Our findings demonstrate that markets ...

  5. The rapid fall of Gasunie's market share

    International Nuclear Information System (INIS)

    Kok, A.M.

    2000-01-01

    Based on financial data, published in the 1999 annual report, a brief overview is given of the consequences of the liberalization of the market for natural gas in Europe for the Dutch natural gas trading company Gasunie

  6. MARKET CONCENTRATION IN TURKISH JOURNALISM SECTOR

    Directory of Open Access Journals (Sweden)

    ADEM KALÇA

    2013-05-01

    Full Text Available Concentration is a situation in which market structure of a sector is controlled by a few firms. At the present time, many analyzing methods such as Herfindahl-Hirschman and N-Firm Concentration Indexes are used to determine market structure.According to market concentration indexes, higher concentration level means more monopolistic market structure, lower concentration level means more full competitive market structure. In this study concentration levels of media groups in Turkish journalism sector within the scope of traditional journalism and internet journalism was analyzed via N-Firm Concentration and H-H Indexes. As a result of the study, it’s seen that first four biggest media groups have monopolistic competition in internet journalism sector,and oligopol structure in traditional journalism sector. According to H-H index analyze, there is monopolistic competition in the sector.

  7. Romanian Market Researches in Global Market Context

    Directory of Open Access Journals (Sweden)

    Victor Danciu

    2006-03-01

    Full Text Available Market research is a powerful industry, whose value reached 21,5 billion USD in 2004. Market studies expenses are mostly concentrated in Europe (45% and in USA (37%. The market shares of the Top 10 companies were above fifty per cent of the research market’s turnover. As a young, modest market, which is 0,84% of the global expenses value, Romania was the global leader in terms of growth, in 2004. With an asymmetric demand and a relatively concentrated offer, the Romanian research market may have a spectacular development in the future, if the obstacles for the customers and research companies are surpassed. If so, the pressures following the UE’s entry of Romania and the evolution of customers needs and expectations will speed up the growth of the market research.

  8. Romanian Market Researches in Global Market Context

    Directory of Open Access Journals (Sweden)

    Victor Danciu

    2006-05-01

    Full Text Available Market research is a powerful industry, whose value reached 21,5 billion USD in 2004. Market studies expenses are mostly concentrated in Europe (45% and in USA (37%. The market shares of the Top 10 companies were above fifty per cent of the research market’s turnover. As a young, modest market, which is 0,84% of the global expenses value, Romania was the global leader in terms of growth, in 2004. With an asymmetric demand and a relatively concentrated offer, the Romanian research market may have a spectacular development in the future, if the obstacles for the customers and research companies are surpassed. If so, the pressures following the UE’s entry of Romania and the evolution of customers needs and expectations will speed up the growth of the market research.

  9. Information Sharing and Channel Construction of Supply Chain under Asymmetric Demand Information

    OpenAIRE

    Wu, Guangdong; Kong, Qingshan; Shi, Jian-gang; Karimi, Hamid Reza; Zhang, Wei

    2014-01-01

    Information sharing and marketing channel building have become an important problem of supply chain management theory and practice. The research of information sharing focused on traditional channel of supply chain between upstream and downstream enterprises; however, the research ignores the behavior of information sharing with potential entrants and composite structure characteristics about traditional marketing channel with the direct channel. This paper uses the model to research the eff...

  10. An operatorial approach to stock markets

    International Nuclear Information System (INIS)

    Bagarello, F

    2006-01-01

    We propose and discuss some toy models of stock markets using the same operatorial approach adopted in quantum mechanics. Our models are suggested by the discrete nature of the number of shares and of the cash which are exchanged in a real market, and by the existence of conserved quantities, like the total number of shares or some linear combination of cash and shares. The same framework as the one used in the description of a gas of interacting bosons is adopted

  11. The development of market power in the Spanish power generation sector: Perspectives after market liberalization

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Nasirov, Shahriyar; Silva, Carlos

    2016-01-01

    This paper provides a comprehensive analysis of the market power problem in the Spanish power generation sector and examines how and to which extent the market has developed in terms of market power concerns after the market liberalization reforms. The methodology applied in this study includes typical ex-post structural and behavioral measures employed to estimate potential for market power, namely: concentration ratios (CR) (for the largest and the three largest suppliers), the Herfindahl–Hirschman Index (HHI), Entropy, Pivotal Supply Index, the Residual Supply Index and Residual Demand Elasticity (RDE). The results are presented for the two largest Spanish generating companies (Endesa and Iberdrola) acting in the Iberian Electricity Market (MIBEL), and in the Spanish Day-ahead electricity market. The results show evidence that these companies have behaved much more competitively in recent periods than in the beginning of the market liberalization. In addition, the paper discusses important structural and regulatory changes through market liberalization processes in the Spanish Day-ahead electricity market. - Highlights: •Competition and regulation in the Spanish electricity market. •The methodology applied in this study: ex-post structural and behavioral measures. •Key dominant companies behaved more competitively in recent periods. •Important structural and regulatory changes in the Spanish electricity market.

  12. International product development - Challenges in knowledge sharing

    DEFF Research Database (Denmark)

    Sonne, Anne-Mette

    2008-01-01

    Knowledge and internationalization are two important concepts in the corporate world today. Knowledge is companies' most important resource, and internationalization is a factor which affects all areas of management - particularly product development. The development of successful products...... for the international market rests on a company's ability to cooperate and to share knowledge. In order to develop products for the international market, companies must be capable of expanding knowledge sharing across geographical and professional divides. This is the focus of a new MAPP PhD dissertation....

  13. Impacts of market liberalisation on the EU gas industry. The Shared Analysis project Energy Policy in Europe and Prospects to 2020. Volume No. 9

    International Nuclear Information System (INIS)

    Van Oostvoorn, F.; Boots, M.G.

    1999-10-01

    This final report presents the results of the analyses at relevant trends and features in the EU gas market enabling or limiting more competition. The study focuses in particular on the possible impacts of the implementation of the EU Gas Directive and subsequently of the expected effects of increasing competition and further integration of gas markets in Europe. The study is conducted in the framework of the Shared Analysis project entitled 'Economic Foundations for Energy Policy', coordinated by FhG-ISI and prepared for the European Commission Directorate General for Energy. The report contains an analysis of the recent changes in the structure of gas demand and the supply and its consequences for enhancement of competition in the EU gas market. lt discusses the role of growing gas demand, changing structure of the supply industry and access to the network. Next, the implementation of the EU Gas Directive is discussed. In order to deal with the uncertainty in the results of the implementation process, two extreme institutional scenarios for future development of the liberalisation process in the EU gas markets are formulated. Finally, the consequences of these two gas market liberalisation scenarios are analysed. Note that part of the conclusions of the expected effects of the Directive, i.e. the expected changes in gas prices and market structures, are based on a model analysis. However, it should be clear that at this stage our conclusions presented in this report are still of a tentative nature. Note also that the final report is based on an extensive collection of EU gas market data both on country and company level, which was described in the first interim report entitled 'The natural gas market in the European Union'. A second interim report was drafted with an energy policy interpretation of the analyses of data and developments over the past ten years. Furthermore, at this moment, facts, opinions and available data are rapidly changing in the beginning of

  14. Relationship between Major Developed Equity Markets and Major Frontier Equity Markets of World

    Directory of Open Access Journals (Sweden)

    Muhammad Mansoor Baig

    2016-02-01

    Full Text Available The core aim of this study is to compute the long run relationship between frontier equity markets Pakistan (KSE 100 Index, Argentina (MERVAL BUENOS AIRES stock Exchange, NSE.20 (Kenya, MSM 30 (MSI Oman and equity markets of developed world (OMXS30 Sweden, SMI (Switzerland, SSE Composite Index (China and STI index (Singapore by taking weekly values from stock return prices for the period 1st week of January-2000 to last week of January/2014. Descriptive statistic, Correlation, Augmented dickey fuller (ADF, Phillips Perron test, Johanson and Jelseluis test of co-integration, Granger causality test, Variance Decomposition Test and Impulse Response are used to find the relationship among frontier and developed markets. The results of this study reveal that frontier markets have no long run relationship with equity markets of developed world. Furthermore, this study is helpful for investors to enhance the returns by diversifying the unsystematic risk at given level of profit because results of this study confirm that markets are no cointegrated.

  15. COMMUNICATING WITH TARGET MARKET ENVIRONMENT

    Directory of Open Access Journals (Sweden)

    Stanka Djurić

    2016-07-01

    Full Text Available The generally accepted definition that related to conceptual determination of market communication has not been performed. However, market communication can be defined as a set of activities and natural relationships that companies in various branches of authorities and business activities are established with other business organizations, and in order to establish a successful primary market communication, establishing a larger market share and the effective realization of the final goal, and certainly in market conditions that is profit. Activity which the company conducts are reduced to preparatory activities for the establishment of better relations with market operators, defining long-term strategies for successful business communication. The company has contact with their immediate environment, both internal and external. This, external environment emphasizing significantly because it consists of other economic organizations and entities, legal and regulatory bodies and consumers in order to take better starting position, preservation of the existing market share and also or extension thereof.

  16. Effective managed care marketing strategies for evolving markets.

    Science.gov (United States)

    Conlon, M K

    1997-11-01

    In a world of increased competition and changing consumer expectations, one of the keys to a fiscally sound health plan is having a dynamic marketing strategy that takes into account the shifting attitudes of consumers as managed care markets mature. The primary goal of any health plan marketing strategy should be the acquisition and retention of members. Providing cost-efficient and convenient service for enrollees, offering low or no deductibles, having convenient office locations, and minimizing paper-work are important elements of such a marketing strategy. Factors such as brand awareness and the perceived image of a health plan also are important considerations in acquiring and retaining market share. The relative importance of these consumer satisfaction criteria change as a managed care market evolves and matures. Financial and marketing managers, thus, should ascertain their market's stage of development and respond with appropriate marketing strategies.

  17. Tender frequency and market concentration in balancing power markets

    International Nuclear Information System (INIS)

    Knaut, Andreas; Obermueller, Frank; Weiser, Florian

    2017-01-01

    Balancing power markets ensure the short-term balance of supply and demand in electricity markets and their importance may increase with a higher share of fluctuating renewable electricity production. While it is clear that shorter tender frequencies, e.g. daily or hourly, are able to increase the efficiency compared to a weekly procurement, it remains unclear in which respect market concentration will be affected. Against this background, we develop a numerical electricity market model to quantify the possible effects of shorter tender frequencies on costs and market concentration. We find that shorter time spans of procurement are able to lower the costs by up to 15%. While market concentration decreases in many markets, we - surprisingly - identify cases in which shorter time spans lead to higher concentration.

  18. Tender frequency and market concentration in balancing power markets

    Energy Technology Data Exchange (ETDEWEB)

    Knaut, Andreas; Obermueller, Frank; Weiser, Florian

    2017-01-15

    Balancing power markets ensure the short-term balance of supply and demand in electricity markets and their importance may increase with a higher share of fluctuating renewable electricity production. While it is clear that shorter tender frequencies, e.g. daily or hourly, are able to increase the efficiency compared to a weekly procurement, it remains unclear in which respect market concentration will be affected. Against this background, we develop a numerical electricity market model to quantify the possible effects of shorter tender frequencies on costs and market concentration. We find that shorter time spans of procurement are able to lower the costs by up to 15%. While market concentration decreases in many markets, we - surprisingly - identify cases in which shorter time spans lead to higher concentration.

  19. The world enrichment market

    International Nuclear Information System (INIS)

    Gunter, L.; McCants, C.; Rutkowski, E.

    1991-01-01

    The enrichment market can be divided into two periods: the near-term market (1991 to 1995) and the long-term market (1995 and beyond). The near-term market is characterized by limited unfilled requirements of 4% per year, to be supplied by national stockpiles and excess inventories. This low-cost material will be drawn down by about 1993, causing a subsequent price rise. As the price rises, primary supplier activity is expected to increase. In the near-term, two contracting activities are apparent: spot; and intermediate-term. The current spot market is expected to last until available low cost inventories are drawn down. Recently, in attempts to gain market share, suppliers have offered attractively priced intermediate-term (3 year) contracts for 1996 to 1998. While a small spot market will continue after 1995, it is anticipated that utilities will prefer a mix of medium- and long-term (5 to 10 year) contracts from primary suppliers for most of their enrichment requirements. As national stockpiles and utility inventories are consumed, low-cost supply available to the spot market is expected to diminish. Consequently, with little low-cost supply available, the only apparent source of material will be from primary suppliers, and the resulting competition over market share is expected to be intense. (author)

  20. Ownership structure and market power in the nordic power market

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Bergman, L.

    1999-01-01

    The opening of Nord Pool in 1996 seriously constrained the power companies' ability to exercise market power within their national borders. Currently there is an integration process going on among the power companies in the Nord Pool area. It manifest itself in terms of take-over and reciprocal acquisition of shares in the power companies - nationally and abroad. This process may undo what the introduction of the common power market achieved in curtailing market power. The aim of this paper is to investigate the effects on market power of increased cross- ownership in the Nordic power market. (au)

  1. Revenue-sharing analysis in the mobile value-added services

    Institute of Scientific and Technical Information of China (English)

    LIU Bing; TANG Shou-lian

    2006-01-01

    This article provides a framework e within which the revenue-sharing in mobile value-added services can be analyzed.It shows that the revenue-sharing ratio between a network operator and a content provider (CP) has no significant effect on prices, market shares or social welfare in the case of nonstandardization. This implies that the revenue-sharing ratio cannot be used as a policy variable.

  2. When do they care to share? : How manufacturers make contracted service partners share knowledge

    NARCIS (Netherlands)

    de Vries, J.; Schepers, J.; van Weele, A.; van der Valk, W.

    2014-01-01

    Manufacturing firms that outsource customer-facing services, risk losing touch with their customers and thereby forfeit valuable market and customer-related knowledge. To maintain informed and competitive, the manufacturer's customer-facing service partners should engage in knowledge sharing and

  3. When do they care to share? : how manufacturers make contracted service partners share knowledge

    NARCIS (Netherlands)

    Vries, de J.J.A.P.; Schepers, J.J.L.; Weele, van A.J.; Valk, van der W.

    2014-01-01

    Manufacturing firms that outsource customer-facing services, risk losing touch with their customers and thereby forfeit valuable market and customer-related knowledge. To maintain informed and competitive, the manufacturer's customer-facing service partners should engage in knowledge sharing and

  4. Index to Drug-Specific Information

    Science.gov (United States)

    ... Postmarket Drug Safety Information for Patients and Providers Index to Drug-Specific Information Share Tweet Linkedin Pin ... options Linkedin Pin it Email Print Note: This Index does not include all FDA approved drugs. It ...

  5. Green Power Marketing - from Niches to Mass Markets

    International Nuclear Information System (INIS)

    Wuestenhagen, Rolf

    2000-01-01

    In the process of liberalization of the electricity market the customers are now in a position to participate in the decision on how their electricity is produced. In particular, many consumers have a preference for renewable energies. For the producers, marketing of 'eco-power' is an opportunity to achieve sustainable competitive advantage. However, the market share of these products is still quite small today, and 'eco-power' is usually marketed as an expensive niche product. From the perspective of sustainable development these niches are a necessary but not sufficient step. In this book, ways are discussed which could lead to a mass-market penetration of eco-power products. A theoretical analysis is combined with empirical evidence derived from the eco-power market in Germany, Switzerland, Great Britain and the U.S. as well as with a comparison with other market segments [de

  6. Intraday price dynamics in spot and derivatives markets

    Science.gov (United States)

    Kim, Jun Sik; Ryu, Doojin

    2014-01-01

    This study examines intraday relationships among the spot index, index futures, and the implied volatility index based on the VAR(1)-asymmetric BEKK-MGARCH model. Analysis of a high-frequency dataset from the Korean financial market confirms that there is a strong intraday market linkage between the spot index, KOSPI200 futures, and VKOSPI and that asymmetric volatility behaviour is clearly present in the Korean market. The empirical results indicate that the futures return shock affects the spot market more severely than the spot return shock affects the futures market, though there is a bi-directional causal relationship between the spot and futures markets. Our results, based on a high-quality intraday dataset, satisfy both the positive risk-return relationship and asymmetric volatility effect, which are not reconciled in the frameworks of previous studies.

  7. Does labour market disadvantage help to explain why childhood circumstances are related to quality of life at older ages? Results from SHARE.

    Science.gov (United States)

    Wahrendorf, Morten; Blane, David

    2015-07-01

    There is robust evidence that childhood circumstances are related to quality of life in older ages, but the role of possible intermediate factors is less explored. In this paper, we examine to what extent associations between deprived childhood circumstances and quality of life at older ages are due to experienced labour market disadvantage during adulthood. Analyses are based on the Survey of Health Ageing and Retirement in Europe (SHARE), with detailed retrospective information on individual life courses collected among 10,272 retired men and women in 13 European countries (2008-2009). Our assumption is that those who have spent their childhood in deprived circumstances may also have had more labour market disadvantage with negative consequences for quality of life beyond working life. Results demonstrate that advantaged circumstances during childhood are associated with lower levels of labour market disadvantage and higher quality of life in older ages. Furthermore, results of multivariate analyses support the idea that part of the association between childhood circumstances and later quality of life is explained by labour market disadvantage during adulthood.

  8. Deregulation of Electricity Market and Drivers of Demand for Electrical Energy in Industry

    Directory of Open Access Journals (Sweden)

    Bojnec Štefan

    2016-09-01

    Full Text Available This paper investigates deregulation of electricity market focusing on electricity prices and drivers of demand for electrical energy in industry in Slovenia. The patterns in evolution of real electricity price developments and the three main components of the electricity price are calculated: liberalized market share for purchased electricity price, regulated infrastructure share for use of electricity network grids and mandatory state charges in the sale of electricity (duty, excise duty and value-added tax. To calculate the real value of electricity prices, producer price index of industrial commodities for electricity prices in industry is used as deflator and implicit deflator of gross domestic product for the size of the economy. In the empirical econometric part is used regression analysis for the amount electricity consumption in the industry depending on the real gross domestic product, direct and cross-price elasticity for natural gas prices in the industry. The results confirmed volatility in real electricity price developments with their increasing tendency and the increasing share of different taxes and state charges in the electricity prices for industry. Demand for electrical energy in industry is positively associated with gross domestic product and price of natural gas as substitute for electrical energy in industry use, and negatively associated with prices of electrical energy for industry.

  9. Increasing market share through consumer marketing: a case study in obstetrics.

    Science.gov (United States)

    Kingsley, V H

    1986-05-01

    Consumers are becoming ever more selective in their choice of health care providers. Hospitals that are aware of local preferences and how to reach and influence consumers will gain a competitive advantage. Outlined in this article are consumer marketing techniques that can be utilized for all product lines. The concept is applied here as a case study in obstetrics.

  10. Gaining competitive advantage in the gas boilers market of Vojvodina through integrated marketing communications

    Directory of Open Access Journals (Sweden)

    Jovičić Dragoljub

    2015-01-01

    Full Text Available Since the appearance of marketing and implementation of marketing concept in practice, the importance of the marketing mix, through which organizations adapt their offer to targeted customer segments, was emphasized . Regardless of the fact that the product is commonly referred to as the basic (key instrument of the marketing mix, in the last ten years, due to the rapid and strong development of science, technology, especially information technology, business and society in general, integrated marketing communications (IMK are becoming increasingly important, without which organizations can not even begin, or end, any significant marketing activity. In this context, the aim of the authors of this study was to investigate the importance of integrated marketing communications on the placement of gas boilers, i.e. on the market share of individual producers in the market of Vojvodina, which also represents the basic hypothesis of the research. Research results confirmed the basic hypothesis as well as an extraordinary influence of IMK to the market share of producers in the placement of gas boilers. Supplementary hypothesis was not confirmed, advertising is not a key promotional instrument. Thanks to the specific characteristics, primarily the high technical complexity of gas boilers, a key promotional instrument are education and training of sales and installation staff in the marketing channels, which operate on the market of Vojvodina.

  11. MARKETING MODELS APPLICATION EXPERIENCE

    Directory of Open Access Journals (Sweden)

    A. Yu. Rymanov

    2011-01-01

    Full Text Available Marketing models are used for the assessment of such marketing elements as sales volume, market share, market attractiveness, advertizing costs, product pushing and selling, profit, profitableness. Classification of buying process decision taking models is presented. SWOT- and GAPbased models are best for selling assessments. Lately, there is a tendency to transfer from the assessment on the ba-sis of financial indices to that on the basis of those non-financial. From the marketing viewpoint, most important are long-term company activities and consumer drawingmodels as well as market attractiveness operative models.

  12. Is there any connection between the network morphology and the fluctuations of the stock market index?

    Science.gov (United States)

    Stefan, F. M.; Atman, A. P. F.

    2015-02-01

    Models which consider behavioral aspects of the investors have attracted increasing interest in the Finance and Econophysics literature in the last years. Different behavioral profiles (imitation, anti-imitation, indifference) were proposed for the investors, which take their decision based on their trust network (neighborhood). Results from agent-based models have shown that most of the features observed in actual stock market indices can be replicated in simulations. Here, we present a deeper investigation of an agent based model considering different network morphologies (regular, random, small-world) for the investors' trust network, in an attempt to answer the question raised in the title. We study the model by considering four scenarios for the investors and different initial conditions to analyze their influence in the stock market fluctuations. We have characterized the stationary limit for each scenario tested, focusing on the changes introduced when complex networks were used, and calculated the Hurst exponent in some cases. Simulations showed interesting results suggesting that the fluctuations of the stock market index are strongly affected by the network morphology, a remarkable result which we believe was never reported or predicted before.

  13. The market for process control instrumentation in France. Foreign market survey report

    International Nuclear Information System (INIS)

    1977-04-01

    The market research was undertaken to study the present and potential US share of the market in France for process control instrumentation; to examine growth trends in French end-user industries over the next few years; to identify specific product categories that offer the most promising export potential for US companies; and to provide basic data which will assist US suppliers in determining current and potential sales and marketing opportunities. The trade promotional and marketing techniques were also reviewed

  14. Return and Liquidity Relationships on Market and Accounting Levels in Brazil

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2016-08-01

    Full Text Available ABSTRACT This article discusses profitability-liquidity relationships on accounting and market levels for 872 shares of publicly-traded Brazilian companies, observed between 1994 and 2013. On the market level, the assumption is that share liquidity is able to reduce some of the risks incurred by investors, making them more willing to pay a higher price for liquid shares, which would lower expected market returns. On the accounting level, the basic hypothesis argues that a firm's holding more liquid assets is related to a conservative investment policy, possibly reducing accounting returns for shareholders. Under the assumption of financial constraint, however, more accounting liquidity would allow positive net present value investments to be carried out, increasing future accounting returns, which would positively affect market liquidity and share prices in an efficient market, resulting in a lower market risk/expected return premium. Under the assumption of no financial constraint, however, more accounting liquidity would only represent a carry cost, compromising future accounting returns, which would adversely affect market liquidity and share prices and result in a higher market risk/expected return premium. Among the hypotheses, the presence of a negative market liquidity premium was verified in Brazil, with shares that traded more exhibiting a higher expected market return. On the margins of the major theories on the subject, only two negative relationships between excess accounting liquidity and market liquidity and accounting return, supporting the carry cost assumption for financially unconstrained firms, were verified. In terms of this paper's contributions, there is the analysis, unprecedented in Brazil as far as is known, of the relationship between liquidity and return on market and accounting levels, considering the financial constraint hypothesis to which the firms are subject.

  15. HMO market penetration and costs of employer-sponsored health plans.

    Science.gov (United States)

    Baker, L C; Cantor, J C; Long, S H; Marquis, M S

    2000-01-01

    Using two employer surveys, we evaluate the role of increased health maintenance organization (HMO) market share in containing costs of employer-sponsored coverage. Total costs for employer health plans are about 10 percent lower in markets in which HMOs' market share is above 45 percent than they are in markets with HMO enrollments of below 25 percent. This is the result of lower premiums for HMOs than for non-HMO plans, as well as the competitive effect of HMOs that leads to lower non-HMO premiums for employers that continue to offer these benefits. Slower growth in premiums in areas with high HMO enrollments suggests that expanded HMO market share may also lower the long-run growth in costs.

  16. Market segmentation: Venezuelan ADRs

    Directory of Open Access Journals (Sweden)

    Urbi Garay

    2012-12-01

    Full Text Available The control on foreign exchange imposed by Venezuela in 2003 constitute a natural experiment that allows researchers to observe the effects of exchange controls on stock market segmentation. This paper provides empirical evidence that although the Venezuelan capital market as a whole was highly segmented before the controls were imposed, the shares in the firm CANTV were, through their American Depositary Receipts (ADRs, partially integrated with the global market. Following the imposition of the exchange controls this integration was lost. Research also documents the spectacular and apparently contradictory rise experienced by the Caracas Stock Exchange during the serious economic crisis of 2003. It is argued that, as it happened in Argentina in 2002, the rise in share prices occurred because the depreciation of the Bolívar in the parallel currency market increased the local price of the stocks that had associated ADRs, which were negotiated in dollars.

  17. Choose profit over market share: Profit-oriented competitive strategies in contested markets

    Directory of Open Access Journals (Sweden)

    Bilstein Frank

    2007-01-01

    Full Text Available If there was ever an eye-opening moment for us concerning the topic of competitive strategy, then it was this: In the summer of 2003 we presented the CEO of a world-renowned public company with a sophisticated strategy that would secure its path towards profitable growth. She waited with growing impatience for the end of the presentation to crush six months of work with one sentence: "That's all very well and good. But I want to destroy my competitors!" Our objections undoubtedly earned a place in the company's history, but ultimately we failed. Three years have passed since then - three years in which the company has drastically reduced its formerly attractive margins in numerous important markets. And despite strong attacks, the company has not succeeded in ousting even one competitor from its relevant markets.

  18. Project-matrix models of marketing organization

    OpenAIRE

    Gutić Dragutin; Rudelj Siniša

    2009-01-01

    Unlike theory and practice of corporation organization, in marketing organization numerous forms and contents at its disposal are not reached until this day. It can be well estimated that marketing organization today in most of our companies and in almost all its parts, noticeably gets behind corporation organization. Marketing managers have always been occupied by basic, narrow marketing activities as: sales growth, market analysis, market growth and market share, marketing research, introdu...

  19. 7 CFR 762.147 - Servicing shared appreciation agreements.

    Science.gov (United States)

    2010-01-01

    ... percent of any positive appreciation in the market value of the property securing the loan or line of... 7 Agriculture 7 2010-01-01 2010-01-01 false Servicing shared appreciation agreements. 762.147..., DEPARTMENT OF AGRICULTURE SPECIAL PROGRAMS GUARANTEED FARM LOANS § 762.147 Servicing shared appreciation...

  20. Market Prices in a Power Market with more than 50% Wind Power

    DEFF Research Database (Denmark)

    Skytte, Klaus; Grohnheit, Poul Erik

    2018-01-01

    Denmark has the highest proportion of wind power in the world. Wind power provided a world record of 39.1% of the total annual Danish electricity consumption in 2014 with as much as 51.7% in Western Denmark. Many would argue that the present power markets are not designed for such high shares...... of wind power production and that it would be hard to get good and stable prices. However, analyses in this chapter show that the Nordic power market works, extreme events have been few, and the current infrastructure and market organization has been able to handle the amount of wind power installed so...... far. It is found that geographical bidding areas for the wholesale electricity market reflect external transmission constraints caused by wind power. The analyses in this chapter use hourly data from West Denmark—which has the highest share of wind energy in Denmark and which is a separate price area...

  1. Market Prices in a Power Market with more than 50% Wind Power

    DEFF Research Database (Denmark)

    Skytte, Klaus; Grohnheit, Poul Erik

    2017-01-01

    Denmark has the highest proportion of wind power in the world. Wind power provided a world record of 39.1% of the total annual Danish electricity consumption in 2014 with as much as 51.7% in Western Denmark. Many would argue that the present power markets are not designed for such high shares...... of wind power production and that it would be hard to get good and stable prices. However, analyses in this chapter show that the Nordic power market works, extreme events have been few, and the current infrastructure and market organization has been able to handle the amount of wind power installed so...... far. It is found that geographical bidding areas for the wholesale electricity market reflect external transmission constraints caused by wind power. The analyses in this chapter use hourly data from West Denmark—which has the highest share of wind energy in Denmark and which is a separate price area...

  2. Rent Sharing and Gender Discrimination in Collegiate Athletics

    OpenAIRE

    Lackner, Mario; Zulehner, Christine

    2013-01-01

    In this paper, we analyze the effect of market power on the share of females in top management positions using data from a market in which some firms have market power due to an institutionalized cartel. We investigate collegiate athletics and interpret coaches as top-level managers or chief executive officers (CEOs). The causal link between market power and female employment is established by exploiting the existence of the Bowl Championship Series (BCS) as an exogenous shock. Our results sh...

  3. Enhanced index tracking modeling in portfolio optimization with mixed-integer programming z approach

    Science.gov (United States)

    Siew, Lam Weng; Jaaman, Saiful Hafizah Hj.; Ismail, Hamizun bin

    2014-09-01

    Enhanced index tracking is a popular form of portfolio management in stock market investment. Enhanced index tracking aims to construct an optimal portfolio to generate excess return over the return achieved by the stock market index without purchasing all of the stocks that make up the index. The objective of this paper is to construct an optimal portfolio using mixed-integer programming model which adopts regression approach in order to generate higher portfolio mean return than stock market index return. In this study, the data consists of 24 component stocks in Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index from January 2010 until December 2012. The results of this study show that the optimal portfolio of mixed-integer programming model is able to generate higher mean return than FTSE Bursa Malaysia Kuala Lumpur Composite Index return with only selecting 30% out of the total stock market index components.

  4. Marketing u prometu

    Directory of Open Access Journals (Sweden)

    Rudolf Sabolović

    2012-10-01

    Full Text Available New Views of Marketing in Passenger Railway Traffic in the Light of More Vigorous Orientation of the Croatian Railways on to Market-Aspected Operations Marketing in traffic has its specific features detennined by the characteristics of the users of service and the service itself The reported share of the railways in passenger transport in the year 1955 was approximately 80%. Since then, it has reported a stable decrease to reach bare 10% in the year 1980. In the decade of 1981 do 1990, first a slight increase in the number of passengers and then an abrupt drop and final stabilization of the share of the railways up to about 20% was listed. In an effort to increase the number of passengers the railways must employ new modem methods of marketing activity. At the same time it must create technical and technological prerequisites in order to become attractive again for the potential passengers. This calls for indispensable investments in rolling stock, advertising and promotion campaigns, and particularly in skilled manpower.

  5. Browse Title Index

    African Journals Online (AJOL)

    Items 1 - 26 of 26 ... ... of Agricultural Scientists in the National Root Crops Research Institute, Umudike for ... Vol 12, No 1 (2010), Marketing of Information Resources and Services in ... Vol 13, No 1 (2011), Resource–Sharing in the Digital Age: ...

  6. What is the optimum social marketing mix to market energy conservation behaviour: an empirical study.

    Science.gov (United States)

    Sheau-Ting, Low; Mohammed, Abdul Hakim; Weng-Wai, Choong

    2013-12-15

    This study attempts to identify the optimum social marketing mix for marketing energy conservation behaviour to students in Malaysian universities. A total of 2000 students from 5 major Malaysian universities were invited to provide their preferred social marketing mix. A choice-based conjoint analysis identified a mix of five social marketing attributes to promote energy conservation behaviour; the mix is comprised of the attributes of Product, Price, Place, Promotion, and Post-purchase Maintenance. Each attribute of the mix is associated with a list of strategies. The Product and Post-purchase Maintenance attributes were identified by students as the highest priority attributes in the social marketing mix for energy conservation behaviour marketing, with shares of 27.12% and 27.02%, respectively. The least preferred attribute in the mix is Promotion, with a share of 11.59%. This study proposes an optimal social marketing mix to university management when making decisions about marketing energy conservation behaviour to students, who are the primary energy consumers in the campus. Additionally, this study will assist university management to efficiently allocate scarce resources in fulfilling its social responsibility and to overcome marketing shortcomings by selecting the right marketing mix. Copyright © 2013 Elsevier Ltd. All rights reserved.

  7. NOKIA MOBILE PHONE MARKETING IN CHINA

    OpenAIRE

    He, Yayi

    2012-01-01

    The goal of my thesis is to analyze the Nokia mobile’s sales in the Chinese market, including product type, product competitiveness, market awareness, price difference, market segmentation, market position, and market share. This thesis provides the market research indicating the sales, competitors, Nokia’s market strategy, the environment analysis and a SWOT analysis of Chinese market. The final part of my thesis is the description of the current situation of Nokia in addition to suggestions...

  8. Well-to-Wheels Greenhouse Gas Emissions Analysis of High-Octane Fuels with Various Market Shares and Ethanol Blending Levels

    Energy Technology Data Exchange (ETDEWEB)

    Han, Jeongwoo [Argonne National Lab. (ANL), Argonne, IL (United States); Elgowainy, Amgad [Argonne National Lab. (ANL), Argonne, IL (United States); Wang, Michael [Argonne National Lab. (ANL), Argonne, IL (United States); Divita, Vincent [Argonne National Lab. (ANL), Argonne, IL (United States)

    2015-07-14

    In this study, we evaluated the impacts of producing HOF with a RON of 100, using a range of ethanol blending levels (E10, E25, and E40), vehicle efficiency gains, and HOF market penetration scenarios (3.4% to 70%), on WTW petroleum use and GHG emissions. In particular, we conducted LP modeling of petroleum refineries to examine the impacts of different HOF production scenarios on petroleum refining energy use and GHG emissions. We compared two cases of HOF vehicle fuel economy gains of 5% and 10% in terms of MPGGE to baseline regular gasoline vehicles. We incorporated three key factors in GREET — (1) refining energy intensities of gasoline components for the various ethanol blending options and market shares, (2) vehicle efficiency gains, and (3) upstream energy use and emissions associated with the production of different crude types and ethanol — to compare the WTW GHG emissions of various HOF/vehicle scenarios with the business-as-usual baseline regular gasoline (87 AKI E10) pathway.

  9. South Korean carbon black business: The market share of the foreign-affiliated firm occupies 60%; Gaishi shea 1kyo 6wari

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-02-28

    Entering of the foreign capital by the business bribery happens one after another in the South Korean carbon blacks business world. German Gegsa followed the matter that the business of LG chemistry was purchased last November, and rice Colombia, chemicals purchased a business from the brocade Lake petrochemistry, too. Though a domestic manufacturer 4 companies almost monopolized it, share of the foreign capital enterprise which occupies it in the gross domestic product ability by the a series of bribery was beyond 60% in the South Korean carbon blacks market at once. It has South Korea seen with foreign capital two companies with the thing, which strengthens a business in Asia in the position, and foreign capital two companies will put an offensive on the Japanese market. (translated by NEDO)

  10. Nordic Market report 2010. Development in the Nordic Electricity Market

    Energy Technology Data Exchange (ETDEWEB)

    2010-07-15

    The Nordic region is characterized by a unique mix of generation sources, with a very high share of hydropower. Hydropower accounts for virtually all of the Norwegian and nearly half of the Swedish generation capacity, making the level of precipitation vital when calculating and analysing potential generation levels. Climatic conditions such as, significantly colder winters than any other European country also influence consumption in the Nordic region, as many households are electrically heated. Overall electricity consumption in the Nordic region in 2009 was marked by decreasing consumption in every market - from a decrease of 1,5% in Denmark to a decrease of 5,5% in Finland. The Nordic transmission grid connects almost the entire region into one synchronous power system enabling increased security of supply as well as a more efficient use of the generation capacity, but congestion occurs. Congestions between the Nord Pool bidding areas are handled through market splitting, while internal congestions in general are handled through counter trade or by reducing interconnector capacity at the bidding area borders. The key future challenge for transmission network operations both in the Nordic area, and as well on the European level will be to facilitate the functioning of the pan-European wholesale electricity markets. The Nordic wholesale power market is well functioning. The volume traded at Nord Pool in 2009 was about the same share of total consumption as that of 2008. Although trading at Nord Pool is voluntary, significantly more power is traded on the power exchange than bilaterally. During 2009 average spot prices at Nord Pool were lower than prices in 2008 due to both lower demand and generation costs for thermal power plants for most of 2009. The Nordic retail markets are essentially four separate markets, influenced by national differences, but work on integration has started. Throughout 2009 retail prices in the Nordic region were lower than in 2008

  11. Perbandingan Stock Market Crash 1987 : Dan Stock Market Crash 1997

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

    Stock market crash refers to the condition, which is marked with the large dropping of stock Market price index. Historically, stock market crash has happened three times, namely in 1929, 1987 and 1997. This paper will discuss the causes of 1987's and 1997's stock market Crash and the similarities and the differences between 1987's and 1997's stock market crash. The structure of the paper is as follows. The paper starts with the introduction. The second Section briefly explains the causes of ...

  12. Measuring spill-over effects of foreign markets on the JSE before, during and after international financial crises

    Directory of Open Access Journals (Sweden)

    Andre Heymans

    2013-11-01

    Full Text Available There is a large body of research that proves the co-movement of international stock markets over time. This co-movement manifests through various instruments ranging from stocks and bonds, to soft commodities and can be visualised as returns and volatility spill-over effects. During the most recent financial crisis, it was once again highlighted that no market is immune to spill-over effects from other international markets. By employing an aggregate-shock (AS model, returns and volatility spill-over effects of the Hang Seng, London, Paris, Frankfurt and New York stock markets to the JSE are confirmed. The findings also confirm the JSE All share index is directly affected through contagion by the returns of the economic area where the crisis originates. However, the results further confirm that South Africa has progressed in shielding its stock market against financial crises in recent times. These findings hold important implications for stock portfolio managers in South Africa.

  13. THE EFFECT OF MACROECONOMIC VARIABLES ON BANKING STOCK PRICE INDEX IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

    Full Text Available Stock price index can be regarded as a barometer in the measuremet of a nation’s economic condition, besides it can also be used in conducting statistical analysis on the current market. Stock is the proof of one’s share in a company in the form of securities issued by the listed go-public companies. This study was conducted to measure the effect of macroeconomic variables such as inflation, interest rate, and exchange rate on banking stock price index in Indonesia stock exchange or Bursa Efek Indonesia (BEI. The results of study show that inflation and exchange rate posively influence the stock price index. The positive effect of the exchange rate shows that issuers who were positively affected by Rupiah (IDR depreciation appear to be the most dominant group. Meanwhile, the interest rate or Suku Bunga (SBI has a negative effect. Lower interest rate stimulates higher investments and better economic activities which increase the stock price.

  14. Research on the fractal structure in the Chinese stock market

    Science.gov (United States)

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

    2004-02-01

    Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

  15. EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Oleksandr Trofimchuk

    2015-11-01

    Full Text Available The purpose of the article is to research and critically evaluate the features of functioning and development the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capitalization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants. Main point is to provide law mechanisms to increase transparency level of the national stock market and to increase share of organized stock market in Ukraine.

  16. Creating demand for foreign brands in a 'home run' market: tobacco company tactics in South Korea following market liberalisation.

    Science.gov (United States)

    Lee, Sungkyu; Lee, Kelley; Holden, Chris

    2014-05-01

    To analyse the tactics transnational tobacco companies (TTCs) used to increase market share in South Korea after market liberalisation in 1988, and the subsequent impact of TTCs' activities on the domestic industry and ultimately public health. Internal tobacco industry documents were searched iteratively and analysed by keyword related to strategies for increasing market share in Korea since liberalisation. Following market liberalisation, TTCs faced entrenched cultural and institutional barriers in Korea which hindered increased sales of cigarette imports. TTCs identified population groups more favourably inclined towards imported brands, developed new distribution channels and used promotional activities targeting these groups. The growth in market share by TTCs suggests that these activities were successful at challenging the Korea Tobacco & Ginseng Corporation (KTGC) monopoly. In response, KTGC shifted to a proactive marketing approach and adopted strategies similar to TTCs. This, in turn, made the Korean market highly competitive. Findings show that, after market liberalisation, there was an upward trend in cigarette consumption and smoking prevalence among the targeted population groups, notably youth and young women. Governments engaging in trade negotiations that may lead to the opening of domestic tobacco markets need a fuller understanding of previous industry activities for expanding into emerging markets as well as how the domestic industry can change accordingly. To protect public health, the adoption of comprehensive tobacco control measures, guided by WHO Framework Convention on Tobacco Control, are needed as part of such negotiations.

  17. 49 CFR 1180.7 - Market analyses.

    Science.gov (United States)

    2010-10-01

    ... company's marketing plan and existing and potential competitive alternatives (inter- as well as intramodal... for inspection by other parties or otherwise supply these data on request, for example, electronically... or marketing goals; interchange data; market share analysis; and/or shipper surveys. It is important...

  18. DOES MARKETING RELATE TO FINANCE? – “MARKETING IS FINANCE?” THEORETICAL PERCEPTION

    OpenAIRE

    Elvira Fetahu

    2014-01-01

    As market develops and grows continuously and internationalizes, the confusion among companies increases regarding their orientation of the business. They find it each day more difficult to grab new shares in the market, to capture and gain new customers, to hold their clientele, to increase continuously their customers’ satisfaction, to position properly in the market and to face competition, as well as to answer to the spontaneity of the market evolution.  This tells for an increasing role ...

  19. 75 FR 54590 - Notice of 2010 National Organic Certification Cost-Share Program

    Science.gov (United States)

    2010-09-08

    ...] Notice of 2010 National Organic Certification Cost-Share Program AGENCY: Agricultural Marketing Service... Certification Cost-Share Funds. The AMS has allocated $22.0 million for this organic certification cost-share... National Organic Certification Cost- Share Program is authorized under 7 U.S.C. 6523, as amended by section...

  20. Marketing research of the chocolate market in Macedonia

    Directory of Open Access Journals (Sweden)

    Jovanov-Marjanova Tamara

    2012-01-01

    Full Text Available The consumer market in Macedonia and the chocolate market in particular, are overtaken from many foreign brands. The domestic companies, disregarding their size, are losing market share to the competitors with stronger strategies. This paper shows the existing weaknesses in the current strategies of the domestic companies through case study of the 2 largest confectionery producers in Macedonia on one side, and discovers the consumer behavior and preferences toward FMCG and chocolate through market research and analysis of a purposive statistical sample of 300 consumers on the other. The applied research techniques for the need of the consumer research were questionnaires and in depth interviews with the firms' managers. The analysis clearly indicates that with the adequate market research, i.e. implementation of the market research models and techniques a basis for competitive and successful marketing strategy can be created, not only by large corporations, but by individuals/owners of small and medium sized companies as well.

  1. Information Sharing and Information Acqusition in Credit Markets

    NARCIS (Netherlands)

    Karapetyan, A.; Stacescu, B.

    2009-01-01

    Since information asymmetries have been identified as an important source of bank profits, it may seem that the establishment of information sharing arrangements such as credit registers and bureaus will lead to lower investment in acquiring information. However, banks base their decisions on both

  2. The impact of modern technology on changing marketing actions in organisations. Marketing 4.0

    OpenAIRE

    Świeczak Witold

    2017-01-01

    The article presents the theory that modern technologies are changing the way in which marketing is organised and that they will transform the prevailing composition of the market, while enterprises should come to terms with the act that having a market share will no longer suffice to maintain the market leader position. The aim of this paper is to provide an overview of the key challenges generated by technological innovations and to identify the opportunities for marketing in light of the n...

  3. Innovative business models within niche tourist markets: shared identity, authenticity and flexibile networks. The case of three italian SMEs

    Directory of Open Access Journals (Sweden)

    Federica Montaguti

    2016-07-01

    Full Text Available Innovative business models within niche tourist markets: shared identity, authenticity and flexibile networks. The case of three italian SMEs The evolution of business models is a crucial challenge for tourism companies, which should understand how they can stimulate their creativity and introduce innovation. However for many firms, in particular for SMEs, this process is not so easy to be adopted. Even more difficult it is to understand how the business model should change to be successful in solving what appears to be one of the main problems for SMEs, especially within mature, tourist destinations, i.e. targeting new profitable segments. The paper discusses the main findings of a research project carried out by the authors about changes in the business models of Italian tourism companies, underlining in particular three case-studies of interest in terms of the innovation put in place and that relate to SMEs. The analysis, based on the business model canvas, the value constellation and the storytelling, found out that these three firms are flexible companies that have characteristics emblematic of the knowledge and information economy business models. They successfully answer the needs of specific niches, finding new opportunities within a mature tourism market and famous destinations, thanks to their ability to develop wide flexible networks, where customers are an active part, and thanks to the value proposed to the clients, centred on the idea of a shared identity between the clients and the company’s founders and of an authenticity guaranteed by the life story of the founders themselves.

  4. Volatility Transmission Between Dow Jones Stock Index And Emerging Islamic Stock Index: Case Of Subprime Financial Crises

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2015-02-01

    Full Text Available In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky.

  5. Return and Liquidity Relationships on Market and Accounting Levels in Brazil

    OpenAIRE

    Perobelli,Fernanda Finotti Cordeiro; Famá,Rubens; Sacramento,Luiz Claudio

    2016-01-01

    ABSTRACT This article discusses profitability-liquidity relationships on accounting and market levels for 872 shares of publicly-traded Brazilian companies, observed between 1994 and 2013. On the market level, the assumption is that share liquidity is able to reduce some of the risks incurred by investors, making them more willing to pay a higher price for liquid shares, which would lower expected market returns. On the accounting level, the basic hypothesis argues that a firm's holding more ...

  6. Trading Rules on Stock Markets Using Genetic Network Programming with Reinforcement Learning and Importance Index

    Science.gov (United States)

    Mabu, Shingo; Hirasawa, Kotaro; Furuzuki, Takayuki

    Genetic Network Programming (GNP) is an evolutionary computation which represents its solutions using graph structures. Since GNP can create quite compact programs and has an implicit memory function, it has been clarified that GNP works well especially in dynamic environments. In addition, a study on creating trading rules on stock markets using GNP with Importance Index (GNP-IMX) has been done. IMX is a new element which is a criterion for decision making. In this paper, we combined GNP-IMX with Actor-Critic (GNP-IMX&AC) and create trading rules on stock markets. Evolution-based methods evolve their programs after enough period of time because they must calculate fitness values, however reinforcement learning can change programs during the period, therefore the trading rules can be created efficiently. In the simulation, the proposed method is trained using the stock prices of 10 brands in 2002 and 2003. Then the generalization ability is tested using the stock prices in 2004. The simulation results show that the proposed method can obtain larger profits than GNP-IMX without AC and Buy&Hold.

  7. COMMUNICATING WITH TARGET MARKET ENVIRONMENT

    OpenAIRE

    Stanka Djurić; Svetlana Trajković

    2016-01-01

    The generally accepted definition that related to conceptual determination of market communication has not been performed. However, market communication can be defined as a set of activities and natural relationships that companies in various branches of authorities and business activities are established with other business organizations, and in order to establish a successful primary market communication, establishing a larger market share and the effective realization of the final go...

  8. Can listed property shares be a surrogate for direct property investment behaviour?

    Directory of Open Access Journals (Sweden)

    Douw Boshoff

    2012-03-01

    Full Text Available The listed property sector in South Africa has grown to a size which could be considered to be a good representation of the income producing property market in general. Stock market listed property investment funds offer the opportunity to compare indirect property investment to direct property investment, which could bridge the gap between irrational investment behaviour and intrinsic asset values. This study investigates the relationship between listed property share prices and the property values in listed property funds. The share prices are correlated with various factors, such as the accounting ratios of the companies, the financial statements of the companies and general economic variables. The outcome of the study is an explanation of the behaviour of listed property shares, and its relationship to the direct property market and the general economy. This would assist in the explanation of market behaviour and provides the opportunity to more accurately predict portfolio asset values, which might be used in the valuation of individual real estate assets.

  9. IMPROVING MARKETING LOGISTICS MANAGEMENT OF ENTERPRISES OF AGRO-INDUSTRIAL COMPLEX

    Directory of Open Access Journals (Sweden)

    Raisa Bilovol

    2016-11-01

    indicators as the share of orders that executed late, including objective reasons (%, share of reject (fault of the manufacturer (%, share of violating the terms of delivery, including objective reasons (%, speed of loading-unloading works (Sp. Indicators of evaluation of marketing logistics in the direction of quality and staff development at enterprises of the agro-industrial complex are characterized by such indicators as share of qualified personnel in marketing department (%, coefficient of employee turnover (Ce, share of expenditure on staff training in marketing department (%, level of investment return of staff training in marketing department (L. As the indicators of evaluation of marketing logistics at enterprises of the agro-industrial complex in the direction of working with clients, we proposed such as the share of stable clients (%, reliability of supply (Csr, speed of customer and clients service (Csp, share of complaints on supply (%. Conclusions. Thus, using the proposed indicators of evaluation of marketing logistics in various areas, management of enterprises of the agro-industrial complex should determine the optimal set of parameters that will allow making realistic assessment of the results of functioning of its marketing logistics.

  10. The impact of the introduction of index options on volatility and liquidity on the underlying stocks : Empirical evidence from the Asian stock markets

    OpenAIRE

    Hasan, Md Kamrul; Chowdhury, Shabyashachi

    2011-01-01

    The impact of the introduction of derivatives on the underlying stock is a debatable topic among the researchers. The issue is quite controversial as contradictory results have been obtained by researchers in various stock markets. The purpose of this study is to examine the volatility and the liquidity effect on the underlying stock after the introduction of index options. We have investigated volatility and liquidity effect by collecting sample data from the stock markets of India, Korea, T...

  11. Stock Market Prices and the Market for Corporate Control

    OpenAIRE

    Armour, John; Cheffins, Brian Robert

    2016-01-01

    The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern standards of share price efficiency took shape. This article addresses both subjects in depth to ascertain the extent to which developments in the market for corporate control may have been associated ...

  12. Walkability Index

    Science.gov (United States)

    The Walkability Index dataset characterizes every Census 2010 block group in the U.S. based on its relative walkability. Walkability depends upon characteristics of the built environment that influence the likelihood of walking being used as a mode of travel. The Walkability Index is based on the EPA's previous data product, the Smart Location Database (SLD). Block group data from the SLD was the only input into the Walkability Index, and consisted of four variables from the SLD weighted in a formula to create the new Walkability Index. This dataset shares the SLD's block group boundary definitions from Census 2010. The methodology describing the process of creating the Walkability Index can be found in the documents located at ftp://newftp.epa.gov/EPADataCommons/OP/WalkabilityIndex.zip. You can also learn more about the Smart Location Database at https://edg.epa.gov/data/Public/OP/Smart_Location_DB_v02b.zip.

  13. Novel approach to assess local market power considering transmission constraints

    International Nuclear Information System (INIS)

    Li, Canbing; Xia, Qing; Kang, Chongqing; Jiang, Jianjian

    2008-01-01

    Market power (MP) assessment and mitigation affect the efficiency of the generation market. The traditional indices such as HHI and Lerner index can not express local market power, which caused by transmission constraints. Transmission constraints divide the market into some smaller parts. Some generators can abuse their MP in one part but not in the whole market. This paper describes a new approach to assess market power. The main contributions of the new method can be summarized as following. First, the concept of local market is developed, and the whole power system is divided into several local markets, as transmission congestions dividing the market. In the local markets, there are no transmission constraints so local market power does not exist. Then the local market power index (LMPI) is calculated according to market concentration, transmission constraints, and demand-supply ratio. Based on LMPI, the integrated local market power index which describes the whole picture of market can be obtained. It has been proved that the new approach can assess market power exactly, and identify the critical factor that results in market power and where generators are easy to exercise market power. The finding in this paper is helpful for market monitoring and mitigating market power. Moreover, the new index can be used to evaluate the power grid availability to generation competition and the power transmission expansion planning. (author)

  14. Corporate Finance and the San Francisco Mining Share Market, 1860-1877

    OpenAIRE

    Oskar, Glenda

    2013-01-01

    Throughout history, capital markets have been central to innovation and the development of new industries, job creation, low unemployment, wealth accumulation, reducing income inequality, improving living standards, and promoting economic growth. In perfect capital markets, firms can easily raise funds for profitable investments. However, market frictions, such as agency costs, liquidity constraints, and asymmetric information, can lead to underinvestment. In this dissertation, I study the fi...

  15. The lead-lag relationship between stock index and stock index futures: A thermal optimal path method

    Science.gov (United States)

    Gong, Chen-Chen; Ji, Shen-Dan; Su, Li-Ling; Li, Sai-Ping; Ren, Fei

    2016-02-01

    The study of lead-lag relationship between stock index and stock index futures is of great importance for its wide application in hedging and portfolio investments. Previous works mainly use conventional methods like Granger causality test, GARCH model and error correction model, and focus on the causality relation between the index and futures in a certain period. By using a non-parametric approach-thermal optimal path (TOP) method, we study the lead-lag relationship between China Securities Index 300 (CSI 300), Hang Seng Index (HSI), Standard and Poor 500 (S&P 500) Index and their associated futures to reveal the variance of their relationship over time. Our finding shows evidence of pronounced futures leadership for well established index futures, namely HSI and S&P 500 index futures, while index of developing market like CSI 300 has pronounced leadership. We offer an explanation based on the measure of an indicator which quantifies the differences between spot and futures prices for the surge of lead-lag function. Our results provide new perspectives for the understanding of the dynamical evolution of lead-lag relationship between stock index and stock index futures, which is valuable for the study of market efficiency and its applications.

  16. The Dutch Grey Market

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2008-01-01

    When-issued trading concerns transactions in securities that have not yet been issued. This type of trade often takes place in a so-called 'grey market', in which all contracts are conditional on the issuance of the security. In this paper, we investigate the Dutch grey market for when-issued shares

  17. 76 FR 54999 - Notice of 2011 National Organic Certification Cost-Share Program

    Science.gov (United States)

    2011-09-06

    ...] Notice of 2011 National Organic Certification Cost-Share Program AGENCY: Agricultural Marketing Service... for the National Organic Certification Cost- Share Program. SUMMARY: This Notice invites all States of...) for the allocation of National Organic Certification Cost-Share Funds. Beginning in Fiscal Year 2008...

  18. Measuring marketing effectiveness.

    Science.gov (United States)

    Gluckman, J; Michaelis, T

    1987-09-01

    The most frequent question about the marketing function in hospitals today is, What are we getting for our money? To answer this, marketing directors must convince the board first of the need for marketing, then of marketing's effectiveness. To measure marketing effectiveness, some basic needs are a staff, equipment, cooperation between departments, utilization data, and a research budget. Some steps to be followed include developing a marketing data base--consisting of demographic projections, demand projections, and market share--testing a marketing strategy through experimentation, documenting the expected results and measurement techniques, and calculating the expected return on investments. In dealing with those "impossible-to-measure" cases, such as a physician who is not advertising but finds that a competitor is, a decision tree can help determine whether to advertise and how much to spend by indicating what the return on investment might be.

  19. Observability of market daily volatility

    Science.gov (United States)

    Petroni, Filippo; Serva, Maurizio

    2016-02-01

    We study the price dynamics of 65 stocks from the Dow Jones Composite Average from 1973 to 2014. We show that it is possible to define a Daily Market Volatility σ(t) which is directly observable from data. This quantity is usually indirectly defined by r(t) = σ(t) ω(t) where the r(t) are the daily returns of the market index and the ω(t) are i.i.d. random variables with vanishing average and unitary variance. The relation r(t) = σ(t) ω(t) alone is unable to give an operative definition of the index volatility, which remains unobservable. On the contrary, we show that using the whole information available in the market, the index volatility can be operatively defined and detected.

  20. Comparison between goal programming and cointegration approaches in enhanced index tracking

    Science.gov (United States)

    Lam, Weng Siew; Jamaan, Saiful Hafizah Hj.

    2013-04-01

    Index tracking is a popular form of passive fund management in stock market. Passive management is a buy-and-hold strategy that aims to achieve rate of return similar to the market return. Index tracking problem is a problem of reproducing the performance of a stock market index, without purchasing all of the stocks that make up the index. This can be done by establishing an optimal portfolio that minimizes risk or tracking error. An improved index tracking (enhanced index tracking) is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the tracking error. Enhanced index tracking aims to generate excess return over the return achieved by the index. The objective of this study is to compare the portfolio compositions and performances by using two different approaches in enhanced index tracking problem, which are goal programming and cointegration. The result of this study shows that the optimal portfolios for both approaches are able to outperform the Malaysia market index which is Kuala Lumpur Composite Index. Both approaches give different optimal portfolio compositions. Besides, the cointegration approach outperforms the goal programming approach because the cointegration approach gives higher mean return and lower risk or tracking error. Therefore, the cointegration approach is more appropriate for the investors in Malaysia.

  1. Early Warning System in ASEAN Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model

    Directory of Open Access Journals (Sweden)

    Imam Wahyudi

    2014-08-01

    Full Text Available Asia's  inancial  crisis  in  July  1997  affects  currency,  capital  market,  and  real  market throughout  Asian  countries.  Countries  in  southeast  region  (ASEAN,  including  Indonesia, Malaysia, Philippines, Singapore, and Thailand, are some of the countries where the crisis hit  the  most.  In  these  countries,  where  inancial  sectors  are  far  more  developed  than  real sectors  and  the  money  market  sectors,  most  of  the  economic  activities  are  conducted  in capital  market.  Movement  in  the  capital  market  could  be  a  proxy  to  describe  the  overall economic  situation  and  therefore  the  prediction  of  it  could  be  an  early  warning  system  of economic crises. This paper tries to investigate movement in ASEAN (Indonesia, Malaysia, Philippines,  Singapore,  and  Thailand  capital  market  to  build  an  early  warning  system from inancial sectors perspective. This paper will be very beneicial for the government to anticipate the forthcoming crisis. The insight of this paper is from Hamilton (1990 model of regime switching process in which he divide the movement of currency into two regimes, describe the switching transition based on Markov process and creates different model for each regimes. Differ from Hamilton, our research focuses on index return instead of currency to  model  the  regime  switching.  This  research  aimed  to  ind  the  probability  of  crisis  in  the future by combining the probability of switching and the probability distribution function of each  regime.  Probability  of  switching  is  estimated  by  categorizing  the  movement  in  index return  into  two  regimes  (negative  return  in  regime  1  and  positive  return  in  regime  2  then measuring  the  proportion  of  switching  to  regime  1  in  t  given  regime

  2. Will cross-ownership reestablish market power in the Nordic power market?

    International Nuclear Information System (INIS)

    Amundsen, Eirik S.; Bergman, Lars

    2000-01-01

    The integration of the power markets in Norway and Sweden in 1996 significantly constrained the major power companies' ability to exercise market power within their national borders. In recent years, however, mergers and reciprocal acquisition of shares have reduced the number of independent players on the Norwegian-Swedish power market. The aim of this paper is to explore to what extent increasing cross-ownership among major power companies in Norway and Sweden might re-establish the market power that was lost when the two national power markets were integrated. The analysis is based on a numerical model, assuming Cournot quantity setting behaviour, of the Norwegian-Swedish power market. The simulation results suggest that partial ownership relations between major generators and other power-producing firms tend to increase horizontal market power and thus the market price of electricity. (author)

  3. Competition in the household heat product markets in Finland

    International Nuclear Information System (INIS)

    Linden, Mikael; Peltola-Ojala, Paeivi

    2005-01-01

    In the article the market of household heat products is defined independently. The market consists mainly of electricity, district heating, light fuel oil, and wood. Geographically household heat product markets are limited to the area which is covered by the local district heating network. We test indirectly whether this market definition is valid, i.e. do different household heat products act as substitutes to each other. However, the substitution may quite often be limited since the local district heat supplier is the only supplier on the area and also electricity companies have high market shares in the area they are located. The amount of competitors even in these enlarged markets is low. Also the local district heating network gives a technological potential to non-competitive product specific pricing. Thus, a relevant case exists where the district heating company can determine the price of its product without constraints from other firms and heat products. We test empirically whether the local prices of district heating are affected by the local heat product market shares of district heating companies. We use panel data which consists of 75 district heating companies in years 1996 - 2002. The data includes market share, joint production, district heating tariffs, production scale, and raw material input cost variables. The results obtained from different estimations indicate clearly that competitive case is not the prevailing one in the Finnish district heating pricing. The market shares of district heating companies had a positive effect on the district heating prices. The result also does not support the hypothesis that different household heat products belong to same heat product markets. (Author)

  4. The implications of potential `lock-in` markets for renewable energy

    Energy Technology Data Exchange (ETDEWEB)

    Cowan, R.; Kline, D.

    1996-11-01

    Nonlinear economic effects can cause unpredictable and sometimes undesirable outcomes in the marketplace. Increasing returns can lead to self-reinforcing situation in which increasing market share lead to a more attractive product, which leads in turn to further increases in market share. This results in ``lock-in`` of a technology, which cannot be overcome except by a significant shift in technology, consumer tastes, or other market factors.

  5. Decomposing price differentials due to ENERGY STARR labels and energy efficiency features in appliances: proxy for market share tracking?

    International Nuclear Information System (INIS)

    Gardner, John; Skumatz, Lisa A.

    2005-01-01

    This paper summarizes recent work using statistical methods to examine the portions of the apparent price differences for a variety of appliances that are attributable to efficiency labels or components of efficient measures. The work stems from research examining progress in market transformation. The goal was to monitor market progress in the premium associated with efficient equipment compared to standard equipment - and potentially track these changes (hopefully, according to logic, declining) over time. However, the incremental cost metric is always confounded by the fact that the 'feature bundle' on appliances and lighting is not consistent ( i.e. , many efficient products are loaded up with other, high-end features). Based on work conducted by the authors some years ago, we adapted statistical models to decompose the price differentials for efficient and standard refrigerators, clothes washers, and dish washers. The authors used site visits and web searches to gather data on appliance prices and features for a set of efficient and standard models. The authors first examined apparent (raw) price differentials between efficient and standard models. Then, using regression techniques to control for differences in features on the measures, the differences attributable to various features - and in particular to energy efficient features and logos - were estimated. The results showed that while the apparent (gross) price differences for efficient measures are high, the percentage and dollar differences decrease dramatically when the price differences statistically attributable to other features of the measure are accounted for. The work illustrates a promising approach for three important applications in program planning and evaluation: tracking market progress within and between states or service territories, using a proxy variable that is less expensive and complicated to measure than direct indicators of sales or market share, identifying appropriate levels for

  6. Derivatives in emerging markets

    OpenAIRE

    Dubravko Mihaljek; Frank Packer

    2010-01-01

    Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As the global reach of the financial centres in emerging Asia has expanded, the offshore trading of many emerging market currency derivatives has risen as well. Growth in derivatives turnover is positive...

  7. Sufficient Flexibility and Capacity in Electricity Markets with Renewables: A Review of Innovative Market Mechanisms

    DEFF Research Database (Denmark)

    Sekamane, Jonas Khubute; Katz, Jonas; Skytte, Klaus

    2017-01-01

    This review of the literature collects innovative market mechanisms that tend to get overlooked in the discussion of whether unassisted energy-only markets can ensure sufficient capacity or if capacity remuneration mechanisms are required. The paper complements existing literature reviews...... and pinpoints advantageous research areas relating to the market design of electricity systems with high shares of variable renewable energy...

  8. Review of Alberta Crown Crude Oil Marketing Program

    International Nuclear Information System (INIS)

    Crandall, G. R.; Kromm, R. B.

    1999-01-01

    This report contains an independent evaluation of the operations of the private marketing agents that are currently marketing the Alberta Crown's share of royalty crude oil. The evaluation includes a review of pricing performance, working relationship, current issues and the overall performance of the marketing arrangements during the fiscal years of 1997 and 1998. Overall, the outsourcing of sales of Crown production to agents is judged to be successful. For example, it has been noted that agents are becoming more aggressive in maintaining and increasing their margins. On the other hand, the increased level of aggressiveness in marketing, while tending to maximize Crown revenues, is also creating a potential conflict on how margins should be shared between the Crown and its agents. Also, there has been evidence of some management issues between the agents and the Crown concerning the extent to which the Crown should share in any increased value which the agent generates by increased third party marketing activities. These differences need to be addressed in order to maintain the strong performance of the marketing program. The consultants also recommend additional guidelines on risk management issues that more clearly define the Crown's risk tolerance. 2 tabs., 4 figs

  9. Use of Internet audience measurement data to gauge market share for online health information services.

    Science.gov (United States)

    Wood, Fred B; Benson, Dennis; LaCroix, Eve-Marie; Siegel, Elliot R; Fariss, Susan

    2005-07-01

    The transition to a largely Internet and Web-based environment for dissemination of health information has changed the health information landscape and the framework for evaluation of such activities. A multidimensional evaluative approach is needed. This paper discusses one important dimension of Web evaluation-usage data. In particular, we discuss the collection and analysis of external data on website usage in order to develop a better understanding of the health information (and related US government information) market space, and to estimate the market share or relative levels of usage for National Library of Medicine (NLM) and National Institutes of Health (NIH) websites compared to other health information providers. The primary method presented is Internet audience measurement based on Web usage by external panels of users and assembled by private vendors-in this case, comScore. A secondary method discussed is Web usage based on Web log software data. The principle metrics for both methods are unique visitors and total pages downloaded per month. NLM websites (primarily MedlinePlus and PubMed) account for 55% to 80% of total NIH website usage depending on the metric used. In turn, NIH.gov top-level domain usage (inclusive of NLM) ranks second only behind WebMD in the US domestic home health information market and ranks first on a global basis. NIH.gov consistently ranks among the top three or four US government top-level domains based on global Web usage. On a site-specific basis, the top health information websites in terms of global usage appear to be WebMD, MSN Health, PubMed, Yahoo! Health, AOL Health, and MedlinePlus. Based on MedlinePlus Web log data and external Internet audience measurement data, the three most heavily used cancer-centric websites appear to be www.cancer.gov (National Cancer Institute), www.cancer.org (American Cancer Society), and www.breastcancer.org (non-profit organization). Internet audience measurement has proven useful to NLM

  10. ECONOMETRIC’S MODEL: THE DEPENDENCE OF PFTS INDEX FROM ECONOMICS RANKS

    OpenAIRE

    K. Cherkashyna

    2013-01-01

    Dynamics of stock index is an indicator of market efficiency. We use the strong form of market efficiency, where prices reflect all available information, – both public and private. National index PFTS and main world indexes such as Dow Jones industrial, Standard & Poor’s 500, Nasdaq composite, Japan’s Nikkei index, Hong Kong’s Hang Seng index are very volatility. Last week all of the major U.S. stock indexes were in the red. Data dependence index PFTS from many exogenous and internal factors...

  11. A Market Dynamics Model for New Industrial Products and Its Application

    OpenAIRE

    Shmuel S. Oren; Michael H. Rothkopf

    1984-01-01

    New product planning models attempt to predict the market consequences of product line and product design decisions. One output of such models, especially those driven by subjective or market research data, is usually theoretical market shares based upon consumer preferences under idealized conditions. This paper describes a class of models that bridge the gap between such theoretical market shares and dynamic sales forecasts. This model accounts for differences in customer awareness of diffe...

  12. Analysis of seaweed marketing in warbal village, Southeast Maluku Regency, Indonesia

    Science.gov (United States)

    Tumiwa, Bruri B.; Renjaan, Meiskyana R.; B. A Somnaikubun, Glen; Betauubun, Kamilius D.; Hungan, Marselus

    2017-10-01

    Seaweed in Warbal Village, West Kei Kecil Subdistrict, Southeast Maluku Regency has prospects and business opportunities are adequate to give hope to farmers in improving welfare. The fact that seaweed farming has not yet provided better and maximum results as desired by the farmers. This study aims to evaluation the marketing channels, marketing margins and profit share of marketing agencies. The research is located in Warbal Village, West Kei Kecil Subdistrict, Southeast Maluku Regency which is determined purposively. The number of sample is 30 farmers taken by simple random sampling, 2 wholesaler traders and 2 collector traders taken by using snowball method. The data collection methods is interview and questionnaire directly to farmers and marketing agencies, literary method or data collector from institutions related to the research’s aims. The research results show that there is two marketing channel, as follows: Channel I: farmers, wholesaler traders, collector traders, PAP; Channel II: farmers, collector traders, PAP. The magnitude of marketing margins is different between the marketing channels, and so it is with profit share of a marketing agency. On channel I, magnitude margin is IDR 3,250 and profit share is 71.11% on farmers, 17.76% on wholesaler traders and 11.09% on collector traders. On channel II, the magnitude of marketing margin is IDR 1,250 and profit share is 88.88% on farmers and 11.09% to collector traders.

  13. Marketing Plan, 1980-81.

    Science.gov (United States)

    Hoppe, Sherry; Biggers, Paul

    A marketing program for Chattanooga State Technical Community College (CSTCC) is presented as a guide to be used by the college in increasing its share of the traditional college-age market and in expanding the college's target audience to include more non-traditional students. The report first presents a review of the literature concerning…

  14. Russia’s Financial Markets and Financial Institutions in 2013

    OpenAIRE

    Alexander Abramov

    2014-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  15. Russia’s Financial Markets and Financial Institutions in 2012

    OpenAIRE

    Alexander Abramov

    2013-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  16. Russia’s Money Markets and Financial Institutions in 2014

    OpenAIRE

    Alexander Abramov

    2015-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  17. The unexpected stable market share of the bicycle in The Netherlands

    NARCIS (Netherlands)

    Van Goeverden, C.D.; Van Arem, B.; Godefrooij, T.

    2013-01-01

    In the Netherlands, the share of the bicycle as the main mode in all person trips has been highly constant in the past three decades (about 27%). A constant share is remarkable because a number of developments in this period were unfavourable for bicycle use, like ageing of the population, growing

  18. Ukraine Agricultural Land Market Formation Preconditions

    Directory of Open Access Journals (Sweden)

    Evgen Dankevych

    2017-01-01

    Full Text Available The theoretical land relations reforming principles were reviewed.Land relations in agriculture transformation process was studied. The land use features were detected and agricultural land use efficiency analysis was conducted.Ukraine land market formation research problems results have been shown. It was established that private land ownership institution ambiguous attitude, rent relations deformation, lack of the property rights ensure mechanism inhibit the land market development. Sociological research of Ukrainian Polesie region to determine the prerequisites for agricultural land marketformation preconditions has been conducted. 787 respondents from Zhytomyr, Rivne and Volyn regions were interviewed. Land shares owners age structure, their distribution by education level, their employment, land shares owners and agricultural enterprises executives to the agricultural land sale moratorium cancellation attitudes, land purchase financial resources, directions of Ukrainian Polissya region land shares use, shares owners land issues level of awareness have been determined during the research. Was substantiated that agricultural land market turnover includes not only land sale moratorium cancellation but also the adoption of the legislative framework and the appropriate infrastructure development, one of the key elements of which is land relations regulation specialized state agency – State Land Bank.

  19. Extreme value theory in emerging markets

    Directory of Open Access Journals (Sweden)

    Anđelić Goran

    2010-01-01

    Full Text Available This paper investigates the performance of extreme value theory (EVT with the daily stock index returns of four different emerging markets. The research covers the sample representing the Serbian (BELEXline, Croatian (CROBEX, Slovenian (SBI20, and Hungarian (BUX stock indexes using the data from January 2006 - September 2009. In the paper a performance test was carried out for the success of application of the extreme value theory in estimating and forecasting of the tails of daily return distribution of the analyzed stock indexes. Therefore the main goal is to determine whether EVT adequately estimates and forecasts the tails (2.5% and 5% at the tail of daily stock index return distribution in the emerging markets of Serbia, Croatia, Slovenia, and Hungary. The applied methodology during the research includes analysis, synthesis and statistical/mathematical methods. Research results according to estimated Generalized Pareto Distribution (GPD parameters indicate the necessity of applying market risk estimation methods, i.e. extreme value theory (EVT in the framework of a broader analysis of investment processes in emerging markets.

  20. The individual insurance market before reform: low premiums and low benefits.

    Science.gov (United States)

    Whitmore, Heidi; Gabel, Jon R; Pickreign, Jeremy; McDevitt, Roland

    2011-10-01

    Based on analyses of individual market health plans sold through ehealthinsurance and enrollment information collected from individual market carriers, this article profiles the individual health insurance market in 2007, before health reform. The article examines premiums, plan enrollment, cost sharing, and covered benefits and compares individual and group markets. Premiums for the young are lower than in the group market but higher for older people. Cost sharing is substantial in the individual insurance market. Seventy-eight percent of people were enrolled in plans with deductibles for single coverage, which averaged $2,117. Annual out-of-pocket maximums averaged $5,271. Many plans do not cover important benefits. Twelve percent of individually insured persons had no coverage for office visits and only 43% have maternity benefits in their basic coverage. With the advent of health exchanges and new market rules in 2014, covered benefits may become richer, cost sharing will decline, but premiums for the young will rise.

  1. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

    Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  2. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  3. A Mathematical Model of Profit-Loss Sharing Scheme of Small Investment for Traditional Market Traders using The Semi-Fuzzy Logic Approach

    Directory of Open Access Journals (Sweden)

    Novriana Sumarti

    2017-02-01

    Full Text Available A mathematical model of micro-finance investment using profit-loss sharing scheme are made and implemented to simulated data. Here profits from the venture will be shared in a portion between the investor and the entity running the business. The scheme can be classified as Musharaka type of investment in Sharia economy. The proposed model is theoretically implemented with data from small-scale traders at a local traditional market who have small turnover. They are common target of usurers who lend money with high interest rate and penalties. If the traders are in unfortunate conditions, they are potentially in poorer condition than before committing themselves to the usurer. In the conventional practices of the profit sharing scheme, the investor will get a fixed portion of the trader’s income, which is applied for all kind of small-scale traders. If the traders are diligent and hard worker and have very high turnover, then the investor will gain much more profit whether the contributed capital is small or large. In this paper, the scheme is implemented using Semi-Fuzzy Logic Approach so that the profit-loss sharing scheme can achieve its intended goal, which is to make a profitable investment not only for the investor but also for traders. The approach is not fully using Fuzzy Logic because some variables are still in crisp numbers and the optimization problem is regular in the form of crisp numbers. Based on the existing data, the results show that the optimal profit share is depended on the income of the traders. The higher the income coming from the venture, the lesser the profit share for the investor which is reasonable with the fixed initial contributed capital.

  4. Price discrimination in two-sided markets

    Directory of Open Access Journals (Sweden)

    Kai Zhang

    2016-03-01

    Full Text Available The use of a price discrimination strategy is an important tool in competition. It can hurt firms and benefit consumers in a one-sided market. However, in two-sided markets, its primary goal is to attract more agents or increase profits. Here, the performance of a second-degree price discrimination strategy in the context of duopoly two-sided platforms is analysed. Two exogenous variables, which include the discount rate and the price discrimination threshold, are used in order to examine whether the price discrimination strategy could help two-sided platforms achieve their objective, which is to maximise their market value. Three cases are considered, and we demonstrate that the price discrimination strategy cannot attract more agents and at the same time increase the profits; a lower price discrimination threshold cannot ensure larger markets shares; a higher discount rate is detrimental to the profit of a platform. However, this is good for its market shares. Moreover, discriminative pricing increases the competition.

  5. Marketing the Library.

    Science.gov (United States)

    Dragon, Andrea C.

    1979-01-01

    Describes the positive action using marketing strategies that libraries must take to capture their share of the post-Proposition 13 tax dollar. Strategies discussed relate to price, product, promotion, and place. (JD)

  6. Entrepreneurial orientation, market orientation, and competitive environment

    DEFF Research Database (Denmark)

    Sørensen, Hans Eibe; Cadogan, John W.

    This study sheds light on the role that the competitive environment plays in determining how elements of market orientation and elements of entrepreneurial orientation interact to influence business success. We develop a model in which we postulate that market orientation, entrepreneurial...... orientation, and competitive environment shape business performance via a three-way interaction. We test the model using primary data from the CEOs of 270 CEO of manufacturing firms, together with secondary data on these firms' profit performance. An assessment of the results indicates that customer...... orientation moderates the positive relationships between the competitiveness element of entrepreneurial orientation and market share and return on assets (ROA): the positive relationships between competitiveness and market share and competitiveness and ROA become stronger the greater the firms' customer...

  7. Effect of the Affordable Medicines Facility--malaria (AMFm) on the availability, price, and market share of quality-assured artemisinin-based combination therapies in seven countries: a before-and-after analysis of outlet survey data.

    Science.gov (United States)

    Tougher, Sarah; Ye, Yazoume; Amuasi, John H; Kourgueni, Idrissa A; Thomson, Rebecca; Goodman, Catherine; Mann, Andrea G; Ren, Ruilin; Willey, Barbara A; Adegoke, Catherine A; Amin, Abdinasir; Ansong, Daniel; Bruxvoort, Katia; Diallo, Diadier A; Diap, Graciela; Festo, Charles; Johanes, Boniface; Juma, Elizabeth; Kalolella, Admirabilis; Malam, Oumarou; Mberu, Blessing; Ndiaye, Salif; Nguah, Samuel B; Seydou, Moctar; Taylor, Mark; Rueda, Sergio Torres; Wamukoya, Marilyn; Arnold, Fred; Hanson, Kara

    2012-12-01

    Malaria is one of the greatest causes of mortality worldwide. Use of the most effective treatments for malaria remains inadequate for those in need, and there is concern over the emergence of resistance to these treatments. In 2010, the Global Fund launched the Affordable Medicines Facility--malaria (AMFm), a series of national-scale pilot programmes designed to increase the access and use of quality-assured artemisinin based combination therapies (QAACTs) and reduce that of artemisinin monotherapies for treatment of malaria. AMFm involves manufacturer price negotiations, subsidies on the manufacturer price of each treatment purchased, and supporting interventions such as communications campaigns. We present findings on the effect of AMFm on QAACT price, availability, and market share, 6-15 months after the delivery of subsidised ACTs in Ghana, Kenya, Madagascar, Niger, Nigeria, Uganda, and Tanzania (including Zanzibar). We did nationally representative baseline and endpoint surveys of public and private sector outlets that stock antimalarial treatments. QAACTs were identified on the basis of the Global Fund's quality assurance policy. Changes in availability, price, and market share were assessed against specified success benchmarks for 1 year of AMFm implementation. Key informant interviews and document reviews recorded contextual factors and the implementation process. In all pilots except Niger and Madagascar, there were large increases in QAACT availability (25·8-51·9 percentage points), and market share (15·9-40·3 percentage points), driven mainly by changes in the private for-profit sector. Large falls in median price for QAACTs per adult equivalent dose were seen in the private for-profit sector in six pilots, ranging from US$1·28 to $4·82. The market share of oral artemisinin monotherapies decreased in Nigeria and Zanzibar, the two pilots where it was more than 5% at baseline. Subsidies combined with supporting interventions can be effective in

  8. Successful Regional Pellets Market Development

    International Nuclear Information System (INIS)

    Oehlinger, Christine

    2006-01-01

    In Upper Austria, renewable energy sources (RES) provide over 30 % of the primary energy consumption (of which 14 % is biomass). That high market penetration was achieved by a clear energy strategy including an energy action plan. The O.Oe. Energiesparverband, the energy agency of Upper Austria, is responsible for the implementation of the measures included in the action plan. Establishing a new market in a short term period is possible and the Upper Austrian example of biomass market development gives a clear signal that a positive change can be brought about: oil-heating installations in new homes decreased from 36 % in 1999 to less than 1 % in the year 2005; and the share of renewable energy heating installations in new-built homes increased in the same time period from 32 % to 70 %. The ambitious goal of doubling the share of modern biomass heating systems until 2010 was defined for future market development

  9. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    Directory of Open Access Journals (Sweden)

    Minarnita Yanti Verawati Bakara

    2014-11-01

    Full Text Available This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Composite Index (JCI of Indonesia Stock Exchange from January 05, 1988 to December 31, 2007.Should nonlinearity be found, the outcomes of each observation are compared to analyze the implications of each country in global, regional and local position of their competition in the continuously changing world of interdependency environment. The implications of nonlinearity finding in the three ASEAN countries capital markets to the current issues of AFAS on Financial Services, Harmonization among ASEAN countries capital markets in the ASEAN region and ASEAN integration and liberalization on Financial Services are analyzed.BDS statistic and R/S Analysis as our tools for nonlinearity testing are applied. Nonlinearity evidences in Jakarta Composite Index, Pilipino Stock Exchange Index and Straits Times Index are found.

  10. On market manipulation and umboðssvik/mandatsvig

    DEFF Research Database (Denmark)

    Werlauff, Erik

    2017-01-01

    of the criminal cases in the aftermath of the financial crisis: market manipulation, governed by EEA/EU law, however here in a national context for criminal law purposes, and fraud of agent (umboðssvik, mandatsvig) governed by national criminal law, however in the article compared with the Danish concept...... of mandatsvig and its demands for a certain proof of intent. - The conclusions of the article are: 1. On market manipulation: 1.2 Market making by a financial undertaking in own shares is not illegal as such, but special care must be taken. 1.3 When the issuing company chooses to conduct market making in its...... own shares by itself, it is important that the issuer adapts its orders to the trades that have taken place on the stock exchange between independent parties with opposite interests. The price of the bank’s shares must not reach a level that is “artificial” or “not normal”. 1.4 The Danish Financial...

  11. Weather effects on the returns and volatility of the Shanghai stock market

    Science.gov (United States)

    Kang, Sang Hoon; Jiang, Zhuhua; Lee, Yeonjeong; Yoon, Seong-Min

    2010-01-01

    This study investigates the weather effects on returns as well as volatility in the Shanghai stock market. In order to analyze the influence of the opening of B-share market to domestic investors, it is assumed that domestic investors are more sensitive to the Shanghai local weather than foreign investors. In doing so, extreme weather condition dummies are generated by using the 21-day and 31-day moving average and its standard deviation. Empirical analysis provides two key results regarding weather effects. First, the weather effect exists in the A-share returns, but does not exist in the B-share returns over the whole period. In addition, the post-opening period shows the strong weather effect on B-share returns only, indicating that the market openness to domestic investors results in the weather effect. Second, the weather effect has a strong influence on the volatility of both A- and B-share returns. Similar to the case of returns, the weather effect on volatility is explained by the openness of B-share market.

  12. Long range dependency and forecasting of housing price index and mortgage market rate: evidence of subprime crisis

    Directory of Open Access Journals (Sweden)

    Nadhem Selmi

    2015-05-01

    Full Text Available In this paper, we examine and forecast the House Price Index (HPI and mortgage market rate in terms of the description of the subprime crisis. We use a semi-parametric local polynomial Whittle estimator proposed by Shimotsu et al. (2005 [Shimotsu, K., & Phillips, P.C.B. (2005, Exact local Whittle estimation of fractional integration. The Annals of Statistics, 33(4, 1890-1933.] in a long memory parameter time series. Empirical investigation of HPI and mortgage market rate shows that these variables are more persistent when the d estimates are found on the Shimotsu method than on the one of Künsch (1987 [Künsch, H.R. (1987. Statistical aspects of self-similar processes. In Y. Prokhorov and V.V. Sazanov (eds., Proceedings of the First World Congress of the Bernoulli Society, VNU Science Press, Utrecht, 67-74.]. The estimating forecast values are more realistic and they strongly reflect the present US economy actuality in the two series as indicated by the forecast evaluation topics.

  13. Wild-harvested venison yields and sharing by Michigan deer hunters

    Science.gov (United States)

    Goguen, Amber D.; Riley, Shawn J.; Organ, John F.; Rudolph, Brent A.

    2018-01-01

    An increased societal focus on wildlife as food and recent policy deliberations regarding legal markets for wild-harvested meat are encouraging wildlife managers and researchers to examine the amount, use, and distribution of meat yielded through recreational hunting. We used responses to questions on the Michigan Deer Harvest Study to estimate the maximum yield of edible venison and assess hunters’ sharing behaviors. We estimated 11,402–14,473 metric tons of edible venison were procured during the 2013 hunting season. Of hunters who harvested a deer, 85% shared their venison. Hunters who shared did so with an average of 5.6 people (SD = 4.5). Sharing occurred most frequently within tight social networks: members of hunters’ households (69%), relatives (52%), and friends, neighbors, or coworkers (50%). In the absence of legal markets, venison is distributed widely by hunters and greatly amplifies the number of people benefiting from hunting. Nonetheless, we also identified the potential breadth of exposure to disease or contaminants from wild-harvested meat.

  14. Finance and marketing: birth of a profitable relationship.

    Science.gov (United States)

    Frommelt, J J; Scheuerman, J L; Fillmore, J H

    1987-12-01

    As competition increases, the finance and marketing departments must work together to increase market share and improve the bottom line. If financial managers understand the functions of the marketing department, they can create a mutually beneficial and profitable relationship.

  15. Supplement: Commodity Index Report

    Data.gov (United States)

    Commodity Futures Trading Commission — Shows index traders in selected agricultural markets. These traders are drawn from the noncommercial and commercial categories. The noncommercial category includes...

  16. The Cultural Trade Index : An Introduction

    OpenAIRE

    Kabanda, Patrick

    2016-01-01

    The Cultural Trade Index aims to shed light on cultural trade and stimulate interest in how this little-known area can contribute to economic diversification, boost shared prosperity, and reduce extreme poverty. As the first index of its kind, the Cultural Trade Index would gather cultural trade data scattered across different sources, place them in one place, and show how countries are pe...

  17. Panic, slash, or crash-Do black swans flap in stock markets?

    Science.gov (United States)

    Chen, Dar-Hsin; Huang, Han-Lin

    2018-02-01

    Stock transaction data typically present a time series that exhibits a somewhat confusing trend, making it difficult to issue any form of crisis warning. This study employs Fourier spectrum analysis to clearly show manic and irrational investors chasing prices. When clustering generates an enormous amount of unstable power, the result is a stock market collapsing into a danger area that can be taken as a warning signal. We thus take the Dow Jones Index as a typical stock market and employ daily data from 1994-2015. This study finds the investors' purchasing power through certain thresholds, analyses the performance characteristics of the spectrum, and denotes when a stock market is in a most serious crisis stage and in a second most serious correction stage. The result of our study indicates that the warning signal accurately measures a stock market crash that can be applicable to the Dow Jones Index, Nasdaq Index, and Germany ADX Index and to the emerging markets of Bovespa Index (Brazil) and Shanghai Index (China). Furthermore, this study provides a quantitative reference concerning the depth of market crashes.

  18. Hybrid system prediction for the stock market: The case of transitional markets

    Directory of Open Access Journals (Sweden)

    Ralević Nebojša

    2017-01-01

    Full Text Available The subject of this paper is the creation and testing of an enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes, including the comparison with the traditional neural network backpropagation model. The objective of the research is to gather information concerning the possibilities of using the enhanced fuzzy neural network backpropagation model for the prediction of stock market indexes focusing on transitional markets. The methodology used involves the integration of fuzzified weights into the neural network. The research results will be beneficial both for the broader investment community and the academia, in terms of the application of the enhanced model in the investment decision-making, as well as in improving the knowledge in this subject matter.

  19. Great gap between customers' taste and market variety in the car market in Iran

    Directory of Open Access Journals (Sweden)

    Mousavi, Farhad

    2014-11-01

    Full Text Available In this paper, types of cars are described by factors, with each factor consisting of different levels. The satisfaction of the customer is determined by the levels of the factors and the price of the car. Two groups of customers with different tastes are identified in the car market in Iran. The two groups cover 82.4 per cent of customers. Based on the values of the factors, the value of each vehicle is obtained for each group. The aim of this research is to obtain a better understanding of customers’ taste, in order to determine the market share of cars and ensure that customers’ needs can be satisfied properly. In this way, companies can develop better strategies and production plans and can increase their market share. The size of each group was determined, as well as their characteristics in terms of gender, age, and education status. Using Tirole’s [27] and Gabszewicz and Thisse’s [12] respective theories, the shares of the car market, according to customers’ demands, were determined. The new method adopted in this study is the generalisation of Tirole’s [27] product differentiation theory to the case in which the pairwise ranking of the products forms an acyclic network and not only a directed path. The estimated demand is compared with the sales data from the last five years. A big gap between the status of the vehicle sales and the customer requirements is observed in the car market in Iran.

  20. Big data on a big new market: Insights from Washington State's legal cannabis market.

    Science.gov (United States)

    Caulkins, Jonathan P; Bao, Yilun; Davenport, Steve; Fahli, Imane; Guo, Yutian; Kinnard, Krista; Najewicz, Mary; Renaud, Lauren; Kilmer, Beau

    2018-07-01

    Voters in eight U.S. states have passed initiatives to legalize large-scale commercial production of cannabis for non-medical use. All plan or require some form of "seed-to-sale" tracking systems, which provide a view of cannabis market activity at a heretofore unimagined level of detail. Legal markets also create a range of new matters for policy makers to address. Publicly available data were obtained on approximately 45 million individually priced items purchased in the 35 million retail transactions that took place during the first two and a half years of Washington State's legal cannabis market. Records include product type (flower, extract, lotion, liquid edible, etc.), product name, price, and potency with respect to multiple cannabinoids, notably THC and CBD. Items sold can be traced back up the supply chain through the store to the processor and producer, to the level of identifying the specific production batch and mother plant, the firm that tested the product, and test results. Data visualization methods are employed to describe spatial-temporal patterns of multiple correlated attributes (e.g., price and potency) broken down by product. Text-analytic methods are used to subdivide the broad category of "extracts for inhalation" into more homogeneous sub-categories. To understand the competitiveness of the legal cannabis market in Washington we calculate the Herfindahl-Hirschman index (HHI) for processors and retailers. Cannabis prices fell steadily and proportionally at the processor and retailer levels. Retail and wholesale price maintained a roughly 3:1 ratio for multiple product types after some initial fluctuations. Although a wide range of edibles are sold, they account for a modest share of consumer spending; extracts for inhalation are a larger and heterogeneous market segment. The HHI indicates the cannabis market is highly competitive at the processor level, but less so for retail markets at the county level. Washington's state-legal cannabis

  1. Cornering the Market: Lessons from Industry about Shaping Public Opinion

    Science.gov (United States)

    2008-03-24

    100 By 1984, Coke had barely a three percent market share advantage over Pepsi , even while outspending them in advertising by $100 million and having...increase market share over Pepsi . There was much more that went wrong, however. Most significant was that the company didn’t grasp the factors involved...position of the Department of the Army, Department of Defense, or the U.S. Government. CORNERING THE MARKET : LESSONS FROM INDUSTRY ABOUT SHAPING PUBLIC

  2. Correlations-Adjusted Export Market Diversification

    OpenAIRE

    Jung Joo La

    2011-01-01

    This paper introduces new export market diversification indices incorporated with correlations of business cycles among export partners to identify the actual effects of export market diversification on export instability. Three existing export market diversification indices reflect the dispersion level in terms of the number of export partners and their export shares, without a clear control for correlations among export earnings from export partners. In addition, they are underestimated or ...

  3. Predictability and Prediction for an Experimental Cultural Market

    Science.gov (United States)

    Colbaugh, Richard; Glass, Kristin; Ormerod, Paul

    Individuals are often influenced by the behavior of others, for instance because they wish to obtain the benefits of coordinated actions or infer otherwise inaccessible information. In such situations this social influence decreases the ex ante predictability of the ensuing social dynamics. We claim that, interestingly, these same social forces can increase the extent to which the outcome of a social process can be predicted very early in the process. This paper explores this claim through a theoretical and empirical analysis of the experimental music market described and analyzed in [1]. We propose a very simple model for this music market, assess the predictability of market outcomes through formal analysis of the model, and use insights derived through this analysis to develop algorithms for predicting market share winners, and their ultimate market shares, in the very early stages of the market. The utility of these predictive algorithms is illustrated through analysis of the experimental music market data sets [2].

  4. Analysis of competition and market power in the wholesale electricity market in India

    International Nuclear Information System (INIS)

    Shukla, Umesh Kumar; Thampy, Ashok

    2011-01-01

    The electricity reforms were initiated in India with the objective of promoting competition in the electricity market. In order to promote competition, the Electricity Act 2003 was enacted and various policy initiatives were taken by the Government of India. Central Electricity Regulatory Commission (CERC) also facilitated competition through the regulatory framework of availability based tariff, Indian Electricity Grid Code, open access in inter-state transmission, inter-state trading and power exchanges. Despite these initiatives, electricity prices increased in the Wholesale Electricity Market in India (WEMI). This paper analyses the market structure and competitiveness in the WEMI. There are, of course, various potential reasons for the rise in the electricity price. This paper seeks to investigate, if market power was one of the reasons for increase in market prices. Concentration ratio, Herfindahl-Hirschman index, Supply Margin Assessment, and Residual Supply Index have been used to measure market power. This paper also uses the price-cost mark-up to examine, if exercise of market power led to higher margins. The analysis suggests that market power of firms may be part of the reason for the increase in electricity prices in WEMI. The study suggests various measures to increase competition in the WEMI.

  5. Factors affecting geographic market definition and merger control for the Dutch electricity sector. Final report. Non-confidential version

    International Nuclear Information System (INIS)

    Moselle, B.; Newbery, D.; Harris, D.

    2006-06-01

    The NMA (Netherlands Competition Authority NMa) asked The Brattle Group to analyse: (1) Factors that would affect geographic market definition for the purpose of merger control in the Dutch electric power industry; and (2) The competitive effects of some specific (hypothetical) mergers in that industry. This study does not refer to any actual merger proceedings, and the NMa have not asked to analyse any mergers of which they have been notified. All mergers analysed are hypothetical. This study is performed using both statistical analysis of historical data, and results from a comprehensive model of the European power market, the Brattle Annual Model (BAM). Standard tools of competitive analysis are used, including the so-called SSNIP test (Small but Significant and Non-transitory Increase in Price) for geographic market definition, and measures of concentration (market shares, Hirschmann-Herfindahl Indices (HHIs), which are used to examine horizontal issues in competitive analysis, and Pivotal Supply Index) for merger analysis, as well as more sophisticated economic modelling (e.g., Cournot model)

  6. Marketing African Leafy Vegetables: Challenges and Opportunities ...

    African Journals Online (AJOL)

    Marketing African Leafy Vegetables: Challenges and Opportunities in the Kenyan Context. ... The market share of ALVs vis-à-vis other vegetable species, particularly kales, cabbages and ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  7. Analyzing Capacity Withholding in Oligopoly Electricity Markets Considering Forward Contracts and Demand Elasticity

    Directory of Open Access Journals (Sweden)

    S. Salarkheili

    2011-12-01

    Full Text Available In this paper capacity withholding in an oligopolistic electricity market that all Generation Companies (GenCos bid in a Cournot model is analyzed and the capacity withheld index, the capacity distortion index and the price distortion index are obtained and formulated. Then a new index, Distortion-Withheld Index (DWI, is proposed in order to measure the potential ability of market for capacity withholding. In these indices the impact of demand elasticity on capacity withholding is considered and it is shown that demand elasticity plays an important role for capacity withholding and market power mitigation. Due to the significant role of forward contracts for market power mitigation and risk hedging in power markets, the impacts of these contracts on capacity withholding are considered. The effects of GenCos’ strategic forward contracts on capacity withholding are also discussed. Moreover, the relationship between capacity withholding of GenCos and market price distortion is acquired. A two-settlement market including a forward market and a spot market is used to describe GenCos’ strategic forward contracting and spot market competition.

  8. The competitiveness of Slovak foreign trade in the European market

    Directory of Open Access Journals (Sweden)

    Pavličková Viera

    2013-01-01

    Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

  9. Quantifying meta-correlations in financial markets

    Science.gov (United States)

    Kenett, Dror Y.; Preis, Tobias; Gur-Gershgoren, Gitit; Ben-Jacob, Eshel

    2012-08-01

    Financial markets are modular multi-level systems, in which the relationships between the individual components are not constant in time. Sudden changes in these relationships significantly affect the stability of the entire system, and vice versa. Our analysis is based on historical daily closing prices of the 30 components of the Dow Jones Industrial Average (DJIA) from March 15th, 1939 until December 31st, 2010. We quantify the correlation among these components by determining Pearson correlation coefficients, to investigate whether mean correlation of the entire portfolio can be used as a precursor for changes in the index return. To this end, we quantify the meta-correlation - the correlation of mean correlation and index return. We find that changes in index returns are significantly correlated with changes in mean correlation. Furthermore, we study the relationship between the index return and correlation volatility - the standard deviation of correlations for a given time interval. This parameter provides further evidence of the effect of the index on market correlations and their fluctuations. Our empirical findings provide new information and quantification of the index leverage effect, and have implications to risk management, portfolio optimization, and to the increased stability of financial markets.

  10. Russian natural gas policy and its possible effects on European gas markets

    International Nuclear Information System (INIS)

    Quast, O.; Locatelli, C.

    1997-01-01

    There is a growing perception among Western European gas experts that Russia has developed a considerable gas surplus - the Russian gas bubble. Thus, the question clearly arises how much gas is available for export and how much gas, over the next 15 to 20 years, can the Russian quasi-monopolist Gazprom market in Western Europe. We consider that Gazprom's export strategy mirrors the approach of Russia's natural gas policy towards the Western European market. In this paper, we will focus on the characteristics of Gazprom's export strategy, its underlying logic, and its impact on Western European gas markets. As a consequence of Gazprom's export strategy, the Russian gas company faces today a price quantity dilemma. Gazprom's problem is to place as much gas as possible in the growing Western European gas market, without destroying downstream gas prices. We argue that Gazprom has adopted a market share expansion and downstream vertical integration strategy, aimed at capturing a part of the downstream gas rent. Although this strategy appears to have initiated a form of gas to gas competition in a number of European consumer markets, this strategy is not based on an aggressive price policy. However, in order to live up to its ambitions, there is a chance that Gazprom will have to somewhat relax traditional contract clauses, such as contract length, indexation terms and take or pay conditions. (author)

  11. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    TO THE POINT:The government vows to control the real estate market after a year of robust growth.To diversify financial investment tools,the regulatory authorities approved the launch of stock index futures,and short selling and margin trading to allow investors to hedge against risks.China overtakes the United States to become the world’s biggest auto market in2009.The country is also expected to become the largest consumer market in the world by2020.Google threatens to halt its China operations if it cannot reach a censorship agreement with the government.

  12. Time-Varying Transition Probability Matrix Estimation and Its Application to Brand Share Analysis.

    Directory of Open Access Journals (Sweden)

    Tomoaki Chiba

    Full Text Available In a product market or stock market, different products or stocks compete for the same consumers or purchasers. We propose a method to estimate the time-varying transition matrix of the product share using a multivariate time series of the product share. The method is based on the assumption that each of the observed time series of shares is a stationary distribution of the underlying Markov processes characterized by transition probability matrices. We estimate transition probability matrices for every observation under natural assumptions. We demonstrate, on a real-world dataset of the share of automobiles, that the proposed method can find intrinsic transition of shares. The resulting transition matrices reveal interesting phenomena, for example, the change in flows between TOYOTA group and GM group for the fiscal year where TOYOTA group's sales beat GM's sales, which is a reasonable scenario.

  13. Time-Varying Transition Probability Matrix Estimation and Its Application to Brand Share Analysis.

    Science.gov (United States)

    Chiba, Tomoaki; Hino, Hideitsu; Akaho, Shotaro; Murata, Noboru

    2017-01-01

    In a product market or stock market, different products or stocks compete for the same consumers or purchasers. We propose a method to estimate the time-varying transition matrix of the product share using a multivariate time series of the product share. The method is based on the assumption that each of the observed time series of shares is a stationary distribution of the underlying Markov processes characterized by transition probability matrices. We estimate transition probability matrices for every observation under natural assumptions. We demonstrate, on a real-world dataset of the share of automobiles, that the proposed method can find intrinsic transition of shares. The resulting transition matrices reveal interesting phenomena, for example, the change in flows between TOYOTA group and GM group for the fiscal year where TOYOTA group's sales beat GM's sales, which is a reasonable scenario.

  14. Relationship Marketing Stage of Development in Romanian Banking Industry

    Directory of Open Access Journals (Sweden)

    Alina Filip

    2016-02-01

    Full Text Available The paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted, by applying in-depth semi-structured interviews. The target group of the research consisted of nine banking companies, selected according to the market share, while the research participants were employees responsible for marketing, sales and customer relationship management activities. Due to respondents’ expertise, during the interviews could be applied mixed research methods in the process of data collection and subsequently, in data analysis. According to research objectives and results, although there is an increase in the importance of customer orientation within banking policies, the integration of relationship marketing optics at the institutional management level is facing a number of deficiencies, especially with regard to the concerns about employees’ satisfaction and loyalty or to the development of relationships with other stakeholders. The degree of satisfaction with the adoption of customer relationship management technology is relatively high among banks, being appreciated mainly those banking performance achieved in terms of retention rate, cross-selling and customer satisfaction. Most banks use the gross customer retention index as the main indicator of customer portfolio stability, although retention objectives tend to be set differently depending on customer value. Internal marketing strategies are developed around staff training processes, while performance evaluation criteria are rather specific to a transactional marketing approach. Results of the research provide clues on the relationship marketing processes and activities that need to be improved, in order to strengthen the current customer base and the competitive

  15. Problems in the online marketing of online shops in China : Case study: the Taobao online marketing policy

    OpenAIRE

    Ding, Lu

    2013-01-01

    With the development and popularization of the Internet, more and more people are choosing to trade via the Internet. For the Chinese market, online marketing is still in its infancy, and inevitably several problems exist. Taobao is the fastest developing of all online marketing shopping platforms in China and accounts for the largest share of the online shopping market. In such a rapidly expanding market, Taobao's rise is a cause for concern. This thesis will examine the current online m...

  16. Proposed Integrated Marketing Communication of TELKOM FLEXI to Improve ITS Marketing Communication Effectiveness

    OpenAIRE

    Puspita, Fitri; Nasution, Reza Ashari

    2013-01-01

    PT Telkom facing a business issue where their new user and ARPU (average revenue per user) target for Flexi in 2011 was not achieved and despite having the biggest market share among CDMA operators, but in fact, Flexi's brand value was below its main competitor. There are several factors that cause this issue; one of them is marketing communication that became the focus of this final project. Researcher used the theory of integrated marketing communication (IMC), particularly regarding the ef...

  17. Bankruptcy cascades in interbank markets.

    Directory of Open Access Journals (Sweden)

    Gabriele Tedeschi

    Full Text Available We study a credit network and, in particular, an interbank system with an agent-based model. To understand the relationship between business cycles and cascades of bankruptcies, we model a three-sector economy with goods, credit and interbank market. In the interbank market, the participating banks share the risk of bad debits, which may potentially spread a bank's liquidity problems through the network of banks. Our agent-based model sheds light on the correlation between bankruptcy cascades and the endogenous economic cycle of booms and recessions. It also demonstrates the serious trade-off between, on the one hand, reducing risks of individual banks by sharing them and, on the other hand, creating systemic risks through credit-related interlinkages of banks. As a result of our study, the dynamics underlying the meltdown of financial markets in 2008 becomes much better understandable.

  18. Browse Title Index

    African Journals Online (AJOL)

    Items 1 - 50 of 449 ... Vol 1, No 3 (2012), Adult Functional Literacy Curriculum: Effective Strategy for Human ... and Exchange Rate Influence on the Nigerian Stock Market Index ... for the Stimulation and Attraction of Foreign Direct Investments ...

  19. The battery market

    International Nuclear Information System (INIS)

    Deshpande, S.L.

    1991-01-01

    The worldwide battery market is estimated to be $21 billion annually at present. The geographical distribution of this market is shown in this paper. The American (North and South), Western Europe and Africa, and Asian and Australia represent equal markets of $6 billion each. The communist block countries (including Russia and China) are estimated to represent a $3 billion market. Automotive and consumer batteries constitute more than 80% of the world battery market. Industrial batteries make up the rest. Secondary (rechargeable) batteries (automotive, for example) have only 60% share of the world battery consumption. Primary batteries (most toy batteries that are the throw away type) exceed rechargeables by far in units. However, the larger size of rechargeable batteries makes their total value larger despite the small number of units

  20. Empirical assessment of market power in the Alberta wholesale electricity market

    International Nuclear Information System (INIS)

    Qu, F.

    2007-01-01

    In the 1990s, many countries began to unbundle regulated electricity monopolies into generation, transmission, distribution and retail companies. Transmission and distribution services remained regulated, but generation and retail services were open for competition. Wholesale and retail electricity markets were created. This paper presented a newly developed competitiveness index specifically for the Alberta market through a simple and standard economic approach. The Alberta Electric Utilities Act came into effect in January 1996. This paper described how the Alberta wholesale electricity market works and demonstrated how to model market power in the electricity market. In this study, power generating companies in Alberta were divided into 2 groups. The first group contained the 5 largest firms called strategic firms, while the other group contained the small generating companies called non-strategic firms or the competitive fringe. In the sample years 2003 and 2004, strategic firms withheld capacity when price was above marginal cost and behaved within the range of competitive pricing. They were more likely to price competitively than to use unilateral market power prices. In addition, firms had higher price-cost margins during the off-peak season. This paper explained in detail the reason for this unusual off-peak pattern. The index to measure a firm's strategic behaviour in the Alberta electricity market was developed according to price-cost margin data where firm-behaviour effect was distinguished from the demand-elasticity effect. It was concluded that policy-makers and regulations should consider the magnitude and source of market power when designing market structure, rules and trading practices. 9 refs., 5 tabs., 2 figs

  1. Privatization and Financial Market Development: Theoretical Issues

    OpenAIRE

    Gabriella Chiesa; Giovanna Nicodano

    2003-01-01

    Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori impact on market liquidity and market size. A positive correlation between such features and market development in a cross section of countries would support the claim that certain types of SIPs contribute ...

  2. Three-Level Supply Chain Coordination under Disruptions Based on Revenue-Sharing Contract with Price Dependent Demand

    Directory of Open Access Journals (Sweden)

    Qinghua Pang

    2014-01-01

    Full Text Available Considering the market demand is stochastic and dependent on price, this paper shows that the revenue-sharing contract could coordinate a three-level supply chain consisting of one manufacturer, one distributor, and one retailer under normal environment. However, the original revenue-sharing contract cannot coordinate the supply chain under disruptions in circumstances of certain incidents leading to significant changes in market demand and causing additional deviation costs. To solve the problem, this essay introduces two improved forms of revenue-sharing contract: a mixed contract form based on a quantity discount policy and a pure form, which are characterized by antidisruption ability. The model of improved revenue-sharing contract is optimized when the market demand is in the additive form or in the multiplicative form with price dependent demand. Formulas are given to calculate the optimal contract parameters. Finally, this essay demonstrates the accuracy of the model of improved revenue-sharing contract with the help of numerical examples.

  3. Customer Relationship within the Furniture Design Market : A qualitative study of how companies within the furniture design market relate to the challenges connected to customer loyalty

    OpenAIRE

    Wahlström, Marie-Louise; Bergström, Jenny

    2010-01-01

    Background: The customer relationship is becoming more important for companies within the Swedish furniture design industry due to competition for market shares. The market is getting more crammed while the interest for furniture design amongst people is increasing, therefore furniture design companies need to find effective ways to attract loyal customers. Research has been made to show the importance of collaboration between companies and this is something that can increase the market share...

  4. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    Directory of Open Access Journals (Sweden)

    David Umoru

    2018-03-01

    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

  5. The impact of downsizing on knowledge sharing in an airline company

    Directory of Open Access Journals (Sweden)

    Nuril Kusumawardhani Soeprapto Putri

    2016-06-01

    Full Text Available Companies are becoming more proactive towards changes in face of the turbulent environment. As the market becomes increasingly unpredictable, people are forced to develop their individual potentials for the sake of survival. Besides personal development, interaction among people through sharing of knowledge is equally critical. This paper discusses the impact of downsizing on knowledge sharing environment in an airline company. The findings reveal that employees had different views on the impact of downsizing on knowledge sharing. Their views were influenced by self-enthusiasm towards knowledge sharing. The availability of media for sharing also had an influence on knowledge sharing.

  6. Key Features of Electric Vehicle Diffusion and Its Impact on the Korean Power Market

    Directory of Open Access Journals (Sweden)

    Dongnyok Shim

    2018-06-01

    Full Text Available The market share of electric vehicles is growing and the interest in these vehicles is rapidly increasing in industrialized countries. In the light of these circumstances, this study provides an integrated policy-making package, which includes key features for electric vehicle diffusion and its impact on the Korean power market. This research is based on a quantitative analysis with the following steps: (1 it analyzes drivers’ preferences for electric or traditional internal combustion engine (ICE vehicles with respect to key automobile attributes and these key attributes indicate what policy makers should focus on; (2 it forecasts the achievable level of market share of electric vehicles in relation to improvements in their key attributes; and (3 it evaluates the impact of electric vehicle diffusion on the Korean power market based on an achievable level of market share with different charging demand profiles. Our results reveal the market share of electric vehicles can increase to around 40% of the total market share if the key features of electric vehicles reach a similar level to those of traditional vehicles. In this estimation, an increase in the power market’s system generation costs will reach around 10% of the cost in the baseline scenario, which differs slightly depending on charging demand profiles.

  7. Vertical integration and market power: A model-based analysis of restructuring in the Korean electricity market

    International Nuclear Information System (INIS)

    Bunn, Derek W.; Martoccia, Maria; Ochoa, Patricia; Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom

    2010-01-01

    An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.

  8. Vertical integration and market power. A model-based analysis of restructuring in the Korean electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Bunn, Derek W.; Martoccia, Maria; Ochoa, Patricia [London Business School, London (United Kingdom); Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom [Korean Electric Power Corporation, Seoul (Korea)

    2010-07-15

    An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration. (author)

  9. Vertical integration and market power: A model-based analysis of restructuring in the Korean electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Bunn, Derek W., E-mail: dbunn@london.ed [London Business School, London (United Kingdom); Martoccia, Maria; Ochoa, Patricia [London Business School, London (United Kingdom); Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom [Korean Electric Power Corporation, Seoul (Korea, Republic of)

    2010-07-15

    An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.

  10. Developing an international market entry strategy and tactical plan for the cultural tourism of Turkey in South Korea market

    OpenAIRE

    Alaeddinoğlu, Faruk; Can, Ali Selçuk

    2009-01-01

    Since international tourism market is more competitive and lucrative, most of countries want to give their emphasis on their promotional activities in order to increase their market share. This aim can be achieved either through the product diversification or penetrating new markets. In this regard, this paper primarily focuses on developing market entry strategy and tactical plan for cultural tourism of Turkey in Korean market. After the justification of Korean outbound tourism based on anal...

  11. Price elasticity and medication use: cost sharing across multiple clinical conditions.

    Science.gov (United States)

    Gatwood, Justin; Gibson, Teresa B; Chernew, Michael E; Farr, Amanda M; Vogtmann, Emily; Fendrick, A Mark

    2014-11-01

    To address the impact that out-of-pocket prices may have on medication use, it is vital to understand how the demand for medications may be affected when patients are faced with changes in the price to acquire treatment and how price responsiveness differs across medication classes.  To examine the impact of cost-sharing changes on the demand for 8 classes of prescription medications. This was a retrospective database analysis of 11,550,363 commercially insured enrollees within the 2005-2009 MarketScan Database. Patient cost sharing, expressed as a price index for each medication class, was the main explanatory variable to examine the price elasticity of demand. Negative binomial fixed effect models were estimated to examine medication fills. The elasticity estimates reflect how use changes over time as a function of changes in copayments. Model estimates revealed that price elasticity of demand ranged from -0.015 to -0.157 within the 8 categories of medications (P  less than  0.01 for 7 of 8 categories). The price elasticity of demand for smoking deterrents was largest (-0.157, P  less than  0.0001), while demand for antiplatelet agents was not responsive to price (P  greater than 0.05). The price elasticity of demand varied considerably by medication class, suggesting that the influence of cost sharing on medication use may be related to characteristics inherent to each medication class or underlying condition.

  12. Market analysis. Renewable fuels

    International Nuclear Information System (INIS)

    2014-01-01

    The Agency for Renewable Resources (FNR) had on behalf of the Federal Ministry of Food and Agriculture created a study on the market development of renewable resources in Germany and published this in the year of 2006. The aim of that study was to identify of actual status and market performance of the individual market segments of the material and energetic use as a basis for policy recommendations for accelerated and long term successful market launch and market share expansion of renewable raw materials. On behalf of the FNR, a market analysis of mid-2011 was carried out until the beginning of 2013, the results of which are hereby resubmitted. This market analysis covers all markets of material and energetic use in the global context, taking account of possible competing uses. A market segmentation, which was based on the product classification of the Federal Statistical Office, formed the basis of the analysis. A total of ten markets have been defined, seven material and three energetic use. [de

  13. Hurst exponent and prediction based on weak-form efficient market hypothesis of stock markets

    Science.gov (United States)

    Eom, Cheoljun; Choi, Sunghoon; Oh, Gabjin; Jung, Woo-Sung

    2008-07-01

    We empirically investigated the relationships between the degree of efficiency and the predictability in financial time-series data. The Hurst exponent was used as the measurement of the degree of efficiency, and the hit rate calculated from the nearest-neighbor prediction method was used for the prediction of the directions of future price changes. We used 60 market indexes of various countries. We empirically discovered that the relationship between the degree of efficiency (the Hurst exponent) and the predictability (the hit rate) is strongly positive. That is, a market index with a higher Hurst exponent tends to have a higher hit rate. These results suggested that the Hurst exponent is useful for predicting future price changes. Furthermore, we also discovered that the Hurst exponent and the hit rate are useful as standards that can distinguish emerging capital markets from mature capital markets.

  14. Estimating the Depth of the Navy Recruiting Market

    Science.gov (United States)

    2016-09-01

    xvi by Potential Rating Index for Zone Improvement Plan Code Markets New Evolution (PRIZM NE) segments and variables based on clustering similar... segment , a total of 66 variables , to the final model. Although NRC does not want to use number of QMA per ZIP code to measure of market potential...9 2. Number of Qualified Military Available by Potential Rating Index for ZIP Code Markets New Evolution Segment Data

  15. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream.

    Science.gov (United States)

    Li, Leon

    2018-02-01

    The data presented in this article are related to the research article entitled "Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116-135. doi:10.1016/j.najef.2017.02.006 (Li, 2017) [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  16. Futures market efficiency diagnostics via temporal two-point correlations. Russian market case study

    OpenAIRE

    Kopytin, Mikhail; Kazantsev, Evgeniy

    2013-01-01

    Using a two-point correlation technique, we study emergence of market efficiency in the emergent Russian futures market by focusing on lagged correlations. The correlation strength of leader-follower effects in the lagged inter-market correlations on the hourly time frame is seen to be significant initially (2009-2011) but gradually goes down, as the erstwhile leader instruments -- crude oil, the USD/RUB exchange rate, and the Russian stock market index -- seem to lose the leader status. An i...

  17. Browse Title Index

    African Journals Online (AJOL)

    Items 51 - 100 of 391 ... Journal Home > Advanced Search > Browse Title Index ... Efficacy of four Rodenticides on the Ghanaian Market, Abstract ... Vol 2, No 1 (2000):, Determination of some wear elements in used car engine oil and oil filter ...

  18. Methods of marketing and advertising activity evaluation

    Directory of Open Access Journals (Sweden)

    A.I. Yakovlev

    2016-09-01

    Full Text Available The result of the business entities’ activities is associated with the development of instruments of the economic processes efficiency determination, including marketing activities. It has determined the purpose of the article. The methodological principles in this area are developed. It is proved that the increase in sales of the profit margin is only partly dependent on the implementation of advertising measures. The methodical approaches for estimation of exhibition and advertising activity and promotion of its employees are specified. The results of work involve evaluation of the advertising effect value on the basis of share of the advertising impact on the increase of sales and revenue from the sale of products. The corresponding proportion of such impact is determined based on the consumer inquiry. The index of trade fair works, its calculation based on two components: how many times a specific company participated in such events; and how well the company was presented at relevant trade fairs. The indices of the cost on advertising and promotion of certain products manufacturer are provided. The scientific innovation of the research is as follows. It is proved that the sales increase effect should not be assigned to advertising only. The compositions that influence the consumer preferences and their share in the total value effect are determined. The new is the proposed index of influence of the trade fair work results depending on the selected factors. The practical importance of the research results involve more accurate calculation of the effect of the activities made and, consequently, increase efficiency of the business entities.

  19. The European green electricity markets in 2010

    International Nuclear Information System (INIS)

    Meibom, Peter; Skytte, Klaus

    2003-01-01

    The market shares of different electricity producing renewable energy technologies in the green electricity markets in EU, and the size and prices obtained on these markets depends strongly on the market designs and support policies governing the development of these markets. These issues have been analysed with the use of the ADMIRE REBUS model. Costs data for all significant electricity producing renewable energy technologies and data on the sizes of the renewable energy resources in the EU are combined with different national development of the support policies for green electricity in the different EU countries towards a common EU market in 2010. The model simulates the operation of each green electricity market in EU and the interaction between the markets. Model results show that in a harmonized EU wide tradable green certificate system starting from 2010, i.e. in a system without technology-specific support, wind power will be the most competitive technology, but power plants using different types of biomass will also gain a large share of the market. To reach the indicative EU targets for RES-E production in 2010 a TGC price of 5.6 eurocents is necessary in addition to a physical power price of 2.2 eurocents. (au)

  20. MEDIA MARKET OVERVIEW IN CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Cristina BURLACIOIU

    2018-05-01

    Full Text Available Every year, in every market and in any country, advertisers spend increasing budgets on advertising to influence consumer behavior. Finding the ideal marketing channel mix is a continuous challenge for every brand on every local market. This paper is aiming to analyze overall media investment in CEE region trying to find patterns of media mix based on economic context and local market status that supports media investment (internet and Facebook statistics, TV audiences. In the paper are used multidimensional methods like: principal component analysis and hierarchical clustering techniques. Thirteen Central and Eastern European countries are clustered based on 2017 data from Media Factbook. Two main patterns are described in the paper based on these data. The first one is characterized by high Internet usage, high Print and Digital advertising share. In terms of inverstment level, these countries have negative evolution of Net Market Spend per Capita in 2016 versus 2008 but high media market sizes. The second one is characterized by high out of home advertising share. In terms of inverstment level, these countries are splited in two subpatterns: one with negative and one with positive evolution of Net Market Spend per Capita in 2016 versus 2008.

  1. Global market and consumers

    Directory of Open Access Journals (Sweden)

    Rakić Beba

    2003-01-01

    Full Text Available All consumers in the world share certain needs and desires. They show however, remarkable diversity in the way they satisfy these needs and desires. Understanding the consumer behavior is difficult enough in the confines of a single country. Can manager understand the consumer behavior in many different world markets? International marketer must learn how to satisfy customers with widely different buying behaviors.

  2. Connecting VIX and Stock Index ETF

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); T-L. Hsieh (Tai-Lin); M.J. McAleer (Michael)

    2017-01-01

    textabstractAs stock market indexes are not tradeable, the importance and trading volume of Exchange Traded Funds (ETFs) cannot be understated. ETFs track and attempt to replicate the performance of a specific index. Numerous studies have demonstrated a strong relationship between the S&P500

  3. Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance

    Directory of Open Access Journals (Sweden)

    Jana Vychytilová

    2014-01-01

    Full Text Available Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.

  4. Spot market for uranium

    International Nuclear Information System (INIS)

    Colhoun, C.

    1982-01-01

    The spot market is always quoted for the price of uranium because little information is available about long-term contracts. A review of the development of spot market prices shows the same price curve swings that occur with all raw materials. Future long-term contracts will probably be lower to reflect spot market prices, which are currently in the real-value range of $30-$35. An upswing in the price of uranium could come in the next few months as utilities begin making purchases and trading from stockpiles. The US, unlike Europe and Japan, has already reached a supply and demand point where the spot market share is increasing. Forecasters cannot project the market price, they can only predict the presence of an oscillating spot or a secondary market. 5 figures

  5. Price Discovery Function of Index Futures in China: Evidence from Daily Closing Prices

    Institute of Scientific and Technical Information of China (English)

    SHIQING; XIE; JIAJUN; HUANG

    2013-01-01

    Price discovery is one of the main functions of stock index futures.Using the daily closing prices of the CSI 300 index and its index futures from April 2010 to April 2012,this paper applies a vector error correction model(VECM)and an impulse response function to conduct an empirical analysis on the price discovery function of index futures in China.This paper has the following four findings:(1)a solid cointegration relationship between the CSI 300 index and its index futures exists in the long run;(2)when prices deviate from the longterm equilibrium,the stock index reverses weakly,while the reversal of index futures is much stronger;(3)the daily lead-lag relationship between the prices of the CSI 300 index and its index futures contracts is not significant in the short run;()shocks from the spot market have a lasting impact upon the futures market,but not vice versa,due to the limited short-term adjustment ability of the spot market.

  6. Battle for market share: World oil market projections, 1995-2010

    International Nuclear Information System (INIS)

    Considine, J.I.; Reinsch, A.E.

    1995-09-01

    A world-wide market assessment and scenario analyses were described. They were said to suggest a more bearish outlook for crude oil prices relative to last years projections. The price of WTI was projected to weaken over the 1996-1998 period due to rising non-OPEC production, gradual reintegration of Iraqi exports, a lack of unified accommodation by the rest of OPEC for incremental Iraqi volumes, and demand growth insufficient to absorb the additional production at current prices. Crude prices could be expected to lie in the $15.50-$17.50 (US) per barrel range from 1996 to 1998, and in the $14.50-$20.50 per barrel range during the first decade of the 21. century. Long-term price risk was expected to be weighted to the down side. The reasoning behind these predictions was explained in detail. 24 figs., 83 tabs., 70 refs

  7. Performance of technical trading rules: evidence from Southeast Asian stock markets

    OpenAIRE

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index...

  8. Will the leading firm continue to dominate the market in the Taiwan notebook industry?

    Science.gov (United States)

    Chu, Hsiao-Ping; Yeh, Ming-Liang; Sher, Peter J.; Chiu, Yi-Chia

    2007-09-01

    This study investigates whether the market share leader in the notebook industry in Taiwan is likely to maintain its dominant position. Market share data are used to investigate the intensity of competitiveness in the industry, and data on the gap in market shares are employed to elucidate the dominance of the leading firm in Taiwan's notebook industry during the 1998-2004 period. The newly developed Panel SURADF tests advanced by Breuer et al. [Misleading inferences from panel unit root tests with an illustration from purchasing power parity, Rev. Int. Econ. 9 (3) (2001) 482-493] are employed to determine whether the market share gap is stationary or not. Unlike other panel-based unit root tests which are joint tests of a unit root for all members of a panel and are incapable of determining the mix of I(0) and I(1) series in a panel setting, the Panel SURADF tests have the advantage of being able to investigate a separate unit root null hypothesis for each individual panel member and are, therefore, able to identify how many and which series in a panel are stationary processes. The empirical results from several panel-based unit root tests substantiate that the market shares of the firms studied here are non-stationary, indicating that Taiwan's notebook industry is highly competitive; however, Breuer et al.'s [12] Panel SURADF tests unequivocally show that only Compal is stationary with respect to market share gap. In terms of sales volume, Compal is the second largest firm in the notebook industry in Taiwan, and the results indicate that it alone has the opportunity to become the market share leader in the notebook industry.

  9. On the scaling of the distribution of daily price fluctuations in the Mexican financial market index

    Science.gov (United States)

    Alfonso, Léster; Mansilla, Ricardo; Terrero-Escalante, César A.

    2012-05-01

    In this paper, a statistical analysis of log-return fluctuations of the IPC, the Mexican Stock Market Index is presented. A sample of daily data covering the period from 04/09/2000-04/09/2010 was analyzed, and fitted to different distributions. Tests of the goodness of fit were performed in order to quantitatively asses the quality of the estimation. Special attention was paid to the impact of the size of the sample on the estimated decay of the distributions tail. In this study a forceful rejection of normality was obtained. On the other hand, the null hypothesis that the log-fluctuations are fitted to a α-stable Lévy distribution cannot be rejected at the 5% significance level.

  10. Word of mouth marketing applications on the internet

    OpenAIRE

    Gülmez, Mustafa

    2011-01-01

    Word of mouth marketing, also called WOMM in English, is a marketing strategyform via oral or written in which consumers share&spread other people aboutproduct or firm. Word of mouth marketing is an extremely important factor in theconsumer’s final purchase decision in the conscious societies on the internet. Thispaper aims to evaluate word of mouth marketing applications on the internet.

  11. The portfolio risk management and diversification benefits from the South African rand currency index (rain

    Directory of Open Access Journals (Sweden)

    F.Y. Jordaan

    2012-12-01

    Full Text Available This study attempts to explain the source of risk management and diversification benefits that investors may gain from the South African Rand Currency Index (RAIN as it relates to an equity portfolio with stock market exposure (locally or international. These diversification benefits may result from the negative correlation between RAIN and the South African All Share Index (ALSI. To explain and fully exploit the benefits of RAIN, the main variables that represent South Africa’s trading partner equity and bond markets movements, were identified. To account for the interaction of RAIN with the ALSI, the latter was firstly decomposed into its economic groups and secondly into its various sub-sectors. Various analyses were carried out to determine which variables describe the relationship between the ALSI and RAIN. The variables that describe the relationship with a high adjusted R2, were identified. The findings suggest that when the ALSI is decomposed into its ten economic groups and thirty-seven sub-groups, the quadratic as opposed to linear models using response surface regressions, explained the majority of the variation in RAIN over the entire period. The linear models, however, explained more of the variation in RAIN during the recent 2008/2009 financial crisis

  12. Got ACTs? Availability, price, market share and provider knowledge of anti-malarial medicines in public and private sector outlets in six malaria-endemic countries.

    Science.gov (United States)

    O'Connell, Kathryn A; Gatakaa, Hellen; Poyer, Stephen; Njogu, Julius; Evance, Illah; Munroe, Erik; Solomon, Tsione; Goodman, Catherine; Hanson, Kara; Zinsou, Cyprien; Akulayi, Louis; Raharinjatovo, Jacky; Arogundade, Ekundayo; Buyungo, Peter; Mpasela, Felton; Adjibabi, Chérifatou Bello; Agbango, Jean Angbalu; Ramarosandratana, Benjamin Fanomezana; Coker, Babajide; Rubahika, Denis; Hamainza, Busiku; Chapman, Steven; Shewchuk, Tanya; Chavasse, Desmond

    2011-10-31

    Artemisinin-based combination therapy (ACT) is the first-line malaria treatment throughout most of the malaria-endemic world. Data on ACT availability, price and market share are needed to provide a firm evidence base from which to assess the current situation concerning quality-assured ACT supply. This paper presents supply side data from ACTwatch outlet surveys in Benin, the Democratic Republic of Congo (DRC), Madagascar, Nigeria, Uganda and Zambia. Between March 2009 and June 2010, nationally representative surveys of outlets providing anti-malarials to consumers were conducted. A census of all outlets with the potential to provide anti-malarials was conducted in clusters sampled randomly. 28,263 outlets were censused, 51,158 anti-malarials were audited, and 9,118 providers interviewed. The proportion of public health facilities with at least one first-line quality-assured ACT in stock ranged between 43% and 85%. Among private sector outlets stocking at least one anti-malarial, non-artemisinin therapies, such as chloroquine and sulphadoxine-pyrimethamine, were widely available (> 95% of outlets) as compared to first-line quality-assured ACT (sector, first-line quality-assured ACT was available for free in all countries except Benin and the DRC (US$1.29 [Inter Quartile Range (IQR): $1.29-$1.29] and $0.52[IQR: $0.00-$1.29] per adult equivalent dose respectively). In the private sector, first-line quality-assured ACT was 5-24 times more expensive than non-artemisinin therapies. The exception was Madagascar where, due to national social marketing of subsidized ACT, the price of first-line quality-assured ACT ($0.14 [IQR: $0.10, $0.57]) was significantly lower than the most popular treatment (chloroquine, $0.36 [IQR: $0.36, $0.36]). Quality-assured ACT accounted for less than 25% of total anti-malarial volumes; private-sector quality-assured ACT volumes represented less than 6% of the total market share. Most anti-malarials were distributed through the private sector

  13. CONDUCT RESEARCH STOCK MARKET BASED ON MODELS OF ARCH

    Directory of Open Access Journals (Sweden)

    Ivan Burtnyak

    2016-06-01

    Full Text Available The purpose of this article is to study the dynamics of the volatility of some indicators of financial market of Ukraine using the methods ARCH modeling. As indicators of the financial market we take the most aggregated variables describing profitability or market price of the portfolio, but not individual assets constituting the portfolio. An indicator of the stock market index stands First Stock Trading System (PFTS. The conditional variance of financial indicators reflecting the level of systemic risk, measures the uncertainty associated with forecasting market dynamics. Key words. Autoregression models, econometric models, stock market, financial instruments, the PFTS index, volatility time series. JEL: C 50

  14. The association of consumer cost-sharing and direct-to-consumer advertising with prescription drug use.

    Science.gov (United States)

    Hansen, Richard A; Schommer, Jon C; Cline, Richard R; Hadsall, Ronald S; Schondelmeyer, Stephen W; Nyman, John A

    2005-06-01

    Previous research on the impact of various cost-sharing strategies on prescription drug use has not considered the impact of direct-to-consumer (DTC) advertising. To explore the association of cost-containment strategies with prescription drug use and to determine if the association is moderated by DTC prescription drug advertising. The study population included 288 280 employees and dependents aged 18 to 65 years with employer-sponsored health insurance contributing to the MEDSTAT MarketScan administrative data set. Person-level enrollment and claims data were obtained for beneficiaries enrolled continuously during July 1997 through December 1998. Direct-to-consumer advertising data were obtained from Competitive Media Reporting and linked to the MEDSTAT enrollment files. Localized DTC advertising expenditures for one class of medication were evaluated and matched with prescription claims for eligible MEDSTAT contributors. The association of various types and levels of cost-sharing incentives with incident product use was evaluated, controlling for the level of DTC advertising, health status, and other demographic covariates. The relationship of cost-sharing amounts with drug use was modified by the level of DTC advertising in a geographic market. This relationship was dependent on the type of cost-sharing, distinguishing between co-payments for provider visits and co-payments for prescription drugs. Compared with low-advertising markets, individuals residing in markets with high levels of advertising and paying provider co-payments of $10.00 or more were more likely to use the advertised product. In the same markets, higher prescription drug co-payments were associated with a decreased likelihood of using the advertised product. A similar relationship was not observed for the nonadvertised competitor. Among insured individuals, response to cost-sharing strategies is moderated by DTC prescription drug advertising. The relative ability of cost-sharing strategies to

  15. Not Fully Developed Turbulence in the Dow Jones Index

    Science.gov (United States)

    Trincado, Estrella; Vindel, Jose María

    2013-08-01

    The shape of the curves relating the scaling exponents of the structure functions to the order of these functions is shown to distinguish the Dow Jones index from other stock market indices. We conclude from the shape differences that the information-loss rate for the Dow Jones index is reduced at smaller time scales, while it grows for other indices. This anomaly is due to the construction of the index, in particular to its dependence on a single market parameter: price. Prices are subject to turbulence bursts, which act against full development of turbulence.

  16. OPEC strategy on world petroleum market

    International Nuclear Information System (INIS)

    Boussena, S.

    1994-01-01

    OPEC has to choose between two options, either a regulated market or a situation of whole competition. The other big producers refuse to share responsibility of a market stabilization and oblige OPEC to a strategy 'uncertainty' which is in fact a 'non-interference' policy but it is not sure that OPEC accepts to be the only market regulator and then the residual supplier when supply is bigger than demand

  17. Impact of Maine's Medicaid drug formulary change on non-Medicaid markets: spillover effects of a restrictive drug formulary.

    Science.gov (United States)

    Wang, Y Richard; Pauly, Mark V; Lin, Y Aileen

    2003-10-01

    Market penetration of HMOs affect physician practice styles for non-HMO patients. To study the impact of a restrictive Medicaid drug formulary on prescribing patterns for other patients, ie, so-called spillover effects. A before-and-after, 3-state comparison study. On January 1, 2001, Maine's Medicaid program implemented a restrictive drug formulary for the proton pump inhibitor class, with pantoprazole as the only preferred drug. The Medicaid and non-Medicaid market shares of pantoprazole in Maine (vs New Hampshire and Vermont and among Maine physicians with different Medicaid share of practice. After 3 months, the market share of pantoprazole in Maine (vs 2 control states) increased 79% among Medicaid prescriptions (vs 1%-2%), 10% among cash prescriptions (vs 3%), and 7% among other third-party payer prescriptions (vs 1%). The market shares increased more among Maine physicians with a higher Medicaid share of practice (high vs middle vs low [market]: 16% vs 8% vs 5% [cash]; 11% vs 5% vs 4% [other third-party payers]). Linear regression results indicate that practicing medicine in Maine leads to a 72% increase in pantoprazole share among Medicaid prescriptions (P markets, with somewhat stronger effects in the cash market.

  18. Modelling the short term herding behaviour of stock markets

    International Nuclear Information System (INIS)

    Shapira, Yoash; Berman, Yonatan; Ben-Jacob, Eshel

    2014-01-01

    Modelling the behaviour of stock markets has been of major interest in the past century. The market can be treated as a network of many investors reacting in accordance to their group behaviour, as manifested by the index and effected by the flow of external information into the system. Here we devise a model that encapsulates the behaviour of stock markets. The model consists of two terms, demonstrating quantitatively the effect of the individual tendency to follow the group and the effect of the individual reaction to the available information. Using the above factors we were able to explain several key features of the stock market: the high correlations between the individual stocks and the index; the Epps effect; the high fluctuating nature of the market, which is similar to real market behaviour. Furthermore, intricate long term phenomena are also described by this model, such as bursts of synchronized average correlation and the dominance of the index as demonstrated through partial correlation. (paper)

  19. INDEXING BASISDATA CITRA DENGAN METODE KUANTISASI VEKTOR MENGGUNAKAN ALGORITMA FAIR SHARE AMOUNT

    Directory of Open Access Journals (Sweden)

    Ary Mazharuddin Shidiqy

    2006-01-01

    Full Text Available Normal 0 false false false IN X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Basisdata merupakan sesuatu yang selalu dipakai pada penyimpanan data-data baik dalam jumlah sedikit maupun banyak. Alasan penyimpanan dalam basisdata adalah keamanan data dan kemudahan dalam pencarian jika akan digunakan. Seiring berjalannya waktu, basisdata berkembang semakin kompleks. Kompleksitas tersebut dalam hal konsep maupun ragam data yang mampu disimpan di dalamnya. Jika dulu data yang dapat disimpan hanya berupa tulisan dan angka, maka sekarang basisdata tidak hanya mampu menyimpan tulisan dan angka, tapi juga gambar. Karena tidak semua data dapat dicari dengan metode yang sama, maka diperlukan metode pencarian data sesuai dengan tipe data yang dimaksud. Pada Tugas Akhir ini dikembangkan metode pencarian yang bisa diterapkan pada pencarian gambar dalam basisdata. Metodologi yang digunakan dalam pembuatan Tugas Akhir ini terdiri dari beberapa tahapan. Pertama dilakukan pembuatan codebook sebagai acuan untuk melakukan indexing basisdata. Codebook ini dihasilkan dari algoritma Fair Share Amount (FSA. Tahapan selanjutnya adalah melakukan penyimpanan data dengan menggunakan acuan codebook yang sudah dibuat. Untuk mencari gambar, dilakukan dengan memasukkan parameter pencarian berupa gambar ke aplikasi dan

  20. Sharing possibilities amongst CDMA Mobile Satellite Systems, and impacts of terminal characteristics on sharing

    Science.gov (United States)

    Bambace, Luís Antonio Waack; Ceballos, Décio Castilho

    CDMA Mobile Satellite Systems (CDMA MSS) are able to co-directional, co-frequency and co-coverage sharing, and they are strongly interdependent in case of such a sharing. It is also known that the success of any telecommunication project is the use of the correct media to each task. Operators have a clear sight of such a media adequacy in traditional systems, but not necessarily in the case of Mobile Satellite Systems. This creates a risk that a wrong market objective operator causes trouble to other systems. This paper deals with the sharing alternatives for up to four CDMA MSS operating in the same frequency band, and analysts both: satellite to user downlink and user to satellite uplink. The influence of several items in capacity is here treated. The scope includes: downlink power flux density: code availability; single system internal interference; inter-system interference; diversity schemes: average link impairments, margins; user cooperation; terminal specifications and the dependence of the insulation between RHCP and LHCP with fade.

  1. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream

    Directory of Open Access Journals (Sweden)

    Leon Li

    2018-02-01

    Full Text Available The data presented in this article are related to the research article entitled “Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116–135. doi:10.1016/j.najef.2017.02.006 (Li, 2017 [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  2. Marketing plan for Snack Books

    OpenAIRE

    Santos, Bernardo Vilaça Ribeiro dos

    2009-01-01

    A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics In 2008 LeYa had the desire to grow in two different ways: gaining market share to competitor firms in the book publishing market; and develop a strategy for market size growth, benefiting from first mover advantage. At that time we were already catalyzing and collecting the benefits of dimension, either by using our enhanced...

  3. 75 FR 54591 - Notice of Agricultural Management Assistance Organic Certification Cost-Share Program

    Science.gov (United States)

    2010-09-08

    ...] Notice of Agricultural Management Assistance Organic Certification Cost-Share Program AGENCY... Agricultural Management Assistance Organic Certification Cost-Share Program. SUMMARY: This Notice invites the... Agreement with the Agricultural Marketing Service (AMS) for the Allocation of Organic Certification Cost...

  4. Marketing the Masters of Executive Management Program

    Science.gov (United States)

    2007-12-01

    market themselves to attract new students ( Kotler , 2003). The format of this chapter continues with an outline of the different strategic phases...Implementation H. Evaluation and Control Source: Developed from (Kerin & Peterson, 2004), ( Kotler , 2003) Figure 1. MEM Marketing Plan...strategically evaluate which market they are actually operating in. According to ( Kotler , 2003), “organizations develop mission statements to share

  5. Multiscale Shannon entropy and its application in the stock market

    Science.gov (United States)

    Gu, Rongbao

    2017-10-01

    In this paper, we perform a multiscale entropy analysis on the Dow Jones Industrial Average Index using the Shannon entropy. The stock index shows the characteristic of multi-scale entropy that caused by noise in the market. The entropy is demonstrated to have significant predictive ability for the stock index in both long-term and short-term, and empirical results verify that noise does exist in the market and can affect stock price. It has important implications on market participants such as noise traders.

  6. A Tale of Two Stock Markets

    Science.gov (United States)

    Armstrong, Michelle Hine; Piercey, Victor I.; Greene-Hunley, Stephanie

    2015-01-01

    This article describes two different projects using the stock market as a context for learning. For both projects, students "bought" shares in individual companies, tracked stock prices for a period of time, and then "sold" their shares at a gain or loss. The projects are adaptable for students in late elementary school through…

  7. The sources of sharing externalities: Specialization vs Competition

    OpenAIRE

    Bucci, Alberto; Ushchev, Philip

    2015-01-01

    In this paper, we undertake an in-depth inquiry into the nature of sharing externalities, and study how they affect the market outcome. We show that the key thing for understanding sharing externalities is the interplay between two forces: the specialization/complexity effect, on the one hand, and the competition effect, on the other hand. How the interaction between these two forces generates endogenous increasing returns to scale is definitely understudied in the literature because of the w...

  8. Dividend policy and share price volatility: UK evidence

    OpenAIRE

    Hussainey, Khaled; Mgbame, Chijoke Oscar; Chijoke Mgbame, Aruoriwo M.

    2011-01-01

    Purpose – The purpose of this paper is to examine the relation between dividend policy and share price changes in the UK stock market. Design/methodology/approach – Multiple regression analyses are used to explore the association between share price changes and both dividend yield and dividend payout ratio. Findings – A positive relation is found between dividend yield and stock price changes, and a negative relation between dividend payout ratio and stock price changes. In a...

  9. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    OpenAIRE

    Minarnita Yanti Verawati Bakara; Bambang Hermanto

    2014-01-01

    This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI) of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi) of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Co...

  10. The Performance of Dow Jones Country Islamic Indexes Against Dow Jones Country Conventional Indexes in Asia and the Middle East : An Empirical Study of the Last Decade

    OpenAIRE

    Suharwardy, Zain

    2013-01-01

    This paper attempts to examine the performance of six countries spanning from Asia and the Middle East. Countries are selected from the Dow Jones Islamic Market Index and the focus is kept to only choose countries that have an active Dow Jones Islamic Market Country Index along with a parallel Dow Jones Conventional Country Index. Further break down is made by comparing the country performances to their respective Dow Jones regional index’s (Dow Jones Asia Index and the Dow Jones MENA) in ord...

  11. Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

    Directory of Open Access Journals (Sweden)

    Radu CIOBANU

    2011-06-01

    Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

  12. The Financial Markets and Customer Satisfaction: Reexamining Possible Financial Market Mispricing of Customer Satisfaction

    OpenAIRE

    Robert Jacobson; Natalie Mizik

    2009-01-01

    We investigate the association between information contained in the American Customer Satisfaction Index (ACSI) metric and future stock market performance. Some past research has provided results suggesting that the financial markets misprice customer satisfaction; i.e., firms advantaged in customer satisfaction are posited to earn positive future-period abnormal stock returns. We reexamine this relationship and find that statistically significant evidence of financial market mispricing of cu...

  13. 17 CFR 242.103 - Nasdaq passive market making.

    Science.gov (United States)

    2010-04-01

    ... paragraph (b)(2) of this section. (4) Limitation on displayed size. At all times, the passive market maker's... may display a bid size of 100 shares. (5) Identification of a passive market making bid. The bid... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Nasdaq passive market making...

  14. Update on CERN Search based on SharePoint 2013

    Science.gov (United States)

    Alvarez, E.; Fernandez, S.; Lossent, A.; Posada, I.; Silva, B.; Wagner, A.

    2017-10-01

    CERN’s enterprise Search solution “CERN Search” provides a central search solution for users and CERN service providers. A total of about 20 million public and protected documents from a wide range of document collections is indexed, including Indico, TWiki, Drupal, SharePoint, JACOW, E-group archives, EDMS, and CERN Web pages. In spring 2015, CERN Search was migrated to a new infrastructure based on SharePoint 2013. In the context of this upgrade, the document pre-processing and indexing process was redesigned and generalised. The new data feeding framework allows to profit from new functionality and it facilitates the long term maintenance of the system.

  15. New Brunswick Market Design Committee : market design issues paper : choice of market model

    International Nuclear Information System (INIS)

    2001-01-01

    A model for the competitive electricity market in New Brunswick was not specified by the White Paper: New Brunswick Energy Policy, published in March 2001. One of the tasks of the Market Design Committee (MDC) is to select a market model for the province. This report was prepared with this objective in mind. It begins by providing a description of the basic functions that must be performed by any electricity system. Different market models will function differently, and a descriptions of how the functions would be performed under each model is presented. Considering the specific size and geographic location of New Brunswick, a number of actual markets that could be of interest are presented. The various electricity markets normally use one of four market models: vertically integrated monopoly utility, a competitive pool market, a bilateral contract market, and a single-buyer market. The first model was not explained as it represents the existing, non-competitive model whereby the government owns and/or regulates price and investment decision. The case where a market operator receives bids and offers from buyers and sellers and matches them to derive a price and schedule for the spot market is what is called the competitive pool market. When electricity trade takes place through a series of contracts between individual buyers and sellers, it is referred to as a bilateral contract market. Finally, the single-buyer market is defined as a monopoly where the buyer purchases from multiple sellers based on competition amongst them. Different examples are provided of applications of the three markets described in the paper. Both New England and New Zealand were chosen to better illustrate the concepts of a fully competitive pool-based market, as they either have close ties to New Brunswick, or share physical similarities. The single-buyer model is illustrated by the case of Northern Ireland where size is similar. The choices made in Quebec were described in the final

  16. Analysis Brazilian preference shares: financial liabilities or equity instruments?

    Directory of Open Access Journals (Sweden)

    Diana Lucia de Almeida

    2016-05-01

    Full Text Available The Brazilian preference shares, in general, except when they present specific features, such as mandatory redemption and cumulative dividends, meet the accounting definition of equity instruments. However, the scientific literature believes that those shares that do not have discretion to avoid the delivery of cash must be classified as financial liabilities. In a context in which remain differences of understanding of their proper accounting treatment, the following question arises: preferred shares of Brazilian companies are being recognized in the financial statements in accordance with the theoretical and normative precepts? Thus, the aim of this study is to verify if the preference shares of Brazilian companies have been recognized in the financial statements for according to the scientific literature and accounting standards. Through content analysis, we analyzed the information of 157 companies listed on BM&FBOVESPA. The results show that 155 companies classify its preference shares as equity instruments and two as financial liabilities. These two companies, as well as 149 of those which qualify as equity instruments, are treating them properly in its accounting. The other six companies should present its preference shares as liabilities, given the absence of discretion to avoid cash delivery, feature present in financial liabilities, unlike equity instruments. It is noticed that, unlike what happens, for instance, in the US market, it is not possible to classify all Brazilian preference shares as a financial liability, since, in Brazil , they are used in different legal format of those widely found in that market. Moreover, almost all of the analyzed shares have essential features for classification as equity instruments. Hence, the importance of analysis of the economic essence of each instrument, thus, enabling the appropriate accounting treatment in the financial statements.

  17. Developing an Army Market Research Index in Support of Army Recruiting

    National Research Council Canada - National Science Library

    Morath, Ray

    2001-01-01

    .... Generating appropriate market research for the Army requires first cataloguing the existing market research databases and identifying the critical questions that are not answered by current research...

  18. Analysis of stock market returns of American and European stock market from the view of an American and a European investor

    Directory of Open Access Journals (Sweden)

    Oldřich Šoba

    2005-01-01

    Full Text Available The paper is focused on the analysis of stock market returns of American and European stock market for different investment horizon from the view of an American and European investor. The paper also partly resumes, in the part of analysis of USD/EUR exchange rate influence on market returns of mentioned stock market, research paper REJNUŠ, O., ŠOBA, O.: Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a European and of an American investor. ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRU- NENSIS, Vol. LII, No. 6, 2004, pg. 145–159, ISSN 1211-8516.The development of both American and European stock market is put on the development of two, structure-similar Standard & Poor’s exchange indexes, particularly S&P 500 and S&P Europe 350. According to the USD/EUR exchange rate, there were used the values published by FED, with the oldest data there were accepted the count ECU to EUR. The data were taken both from the weekly closing values of mentioned stock indexes and weekly closing values of USD/EUR exchange rate.The analysis was done with using the methods of quantification of „running market returns“ (recount to the average annual values of indexes from the view of both investors within the set investment horizon. The elemental statistical level characteristic – simple average, median and statistical characteristic of variability – standard deviation and variation coefficient were quantified from this time series of annual running market returns. The analysis, which was purposely oriented to six basic different long investment horizon (1 year, 2 years, 3 years, 5 years, 7 years, 10 years, has approved that in focused term of 1980–2004 the market returns of picked stock market from the view of both investors (American and European was generally higher in longer investment horizon than in the shorter investment horizon. The values of variation coefficient in

  19. Financial fairness and conditional indexation

    NARCIS (Netherlands)

    Kleinow, T.; Schumacher, J.M.

    2017-01-01

    Collective pension contracts can generate advantages for their participants by implementing forms of risk sharing. To ensure the continuity of a collective scheme, it has to be monitored whether the contracts offered to participants are financially fair in terms of their market value. When risk

  20. Financial Fairness and Conditional Indexation

    NARCIS (Netherlands)

    Kleinow, Torsten; Schumacher, Hans

    2015-01-01

    Collective pension contracts can generate advantages for their participants by implementing forms of risk sharing. To ensure the continuity of a collective scheme, it has to be monitored whether the contracts offered to participants are financially fair in terms of their market value. When risk